Analyst predicts a 730% rise in the price of Ethereum in the coming months

Analyst Justin Bennett predicts a very optimistic scenario for the price of Ethereum (ETH). According to his analysis, the cryptocurrency could grow up to 730% in the coming months.

Analyzing 72,000 subscribers on TwitterBennett explained the basics of his analysis. First, the analyst highlighted a long bullish channel that has formed since March 2020.

However, according to his analysis, this channel is still forming. Thus, Bennett predicted the continuation of this channel until April 2022, that is, for the next six months.

He asked, “What if this bullish channel continues?” He then predicted an ultimate target for ETH of around $ 29,000, or around R $ 159,000 at current price.

More golden opportunities

However, market growth is not limited to the second largest cryptocurrency. Indeed, the analyst said the altcoin market as a whole could provide some gold opportunities.

Among other altcoins, VeChain (VET) received further analysis. Bennett noted that the cryptocurrency had two false bullish breakouts in September, but is now gearing up for real strength.

“Since September, the VET has had two false breaks. However, on Tuesday it restored the April trend line (5). “As long as BTC continues to run, it will be the altcoin hours behind it,” he said.

In this sense, the analyst predicts at least two major resistances to VET. The first is around $ 0.24, up 105% from its current price ($ 0.11).

However, the second move is even more intense, as if this resistance breaks, the OTP will continue its uptrend until March. Like ETH, this projection indicates the end of the bullish channel in the VET. Then new resistance forecasted at $ 2.40 will appear.

If this move occurs, VET will achieve a pronounced increase of 2.181% over the current market price. cryptocurrency…

Bitcoin Help

However, as Bennett pointed out, BTC should contribute to this performance. In other words, the largest cryptocurrency on the market needs to maintain an upward trajectory. And while BTC is fulfilling its role.

“O Bitcoin it still needs to break $ 65,000 to signal a continuation of the bull market. This is the key to achieving higher prices. However, the image of the macro starts to change. $ BTC has set the first big standard for big tops and bottoms since April, ”explains Bennett.

At the time of this writing, BTC is holding solid support at $ 54,000, giving it more strength to hit the next resistance, projected at $ 60,000, according to Bennett.

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