Popular Twitter analyst Justin Bennett says that Ethereum is now in full “monster mode” after exiting a bullish continuation pattern against Bitcoin (ETH/BTC):
“Currently, Ethereum is above 0.082 BTC ($4,138.70) and climbing. The target is 0.10-0.11 BTC ($5,047.20 – $5,551.92), so to move higher in the next few weeks. There is still room. The target for the January breakout is 0.16 BTC ($8,075.52).”
The analyst states that despite the recent decline, the leading altcoin project Ethereum remains strong.
ETH/BTC is currently trading at 0.085 BTC, indicating a 90% bullish potential if the pair hits Bennett's second target. As for Ethereum against the dollar, he says by market cap, ETH still looks strong even after a deep correction last weekend:
“I find it ironic that while many on Twitter pretend the sky is falling, the second-largest cryptocurrency by market cap is down 14% from its ATH level.”
Browsing Bitcoin, Bennett says that BTC needs to turn a key price area into support to regain its bullish momentum:
“BTC rises above $50,000. It needs to claim $53,000 to rise again.”
Bennett also offers a possible scenario where Bitcoin could consolidate between $52,000 and $43,000 in the coming weeks:
"Note that the current range is not exactly small. There could be many of these over the next few weeks."