A well-known cryptocurrency trader is optimistic about the potential for Ethereum (ETH) to reach new all-time highs in the near future.
Justin Bennett, a crypto strategist with a significant following on X, believes that Ethereum is on the cusp of breaking through the $4,000 resistance level and establishing it as a new support level.
As Bitcoin has been steadily climbing this month, Bennett predicts that traders will start shifting some of their Bitcoin profits into Ethereum to capitalize on the potential for further upside.
“ETH has been struggling around the $4,000 mark due to technical reasons, while Bitcoin has been dominating the spotlight in December.
However, I anticipate that we will soon see a flow of profits from Bitcoin into Ethereum.
If Ethereum can surpass the $4,000-$4,100 range, there is little resistance preventing a surge to $4,800 and potentially even reaching the mid $5,000 range to complete this upward trend.
It might be time for a new all-time high for Ethereum.”
Currently, Ethereum is trading at $3,873.
Looking ahead to the rest of December, Bennett believes that both Bitcoin and Ethereum, as the top two cryptocurrencies by market cap, will outperform the rest of the digital asset market.
“Focusing on BTC and ETH for the next two weeks seems to be the most logical approach, in my opinion.
Altcoins will have their time to shine again, but not before we witness some significant bullish movements from Bitcoin and Ethereum by the end of the year.”
Regarding Bitcoin, Bennett notes that BTC is currently experiencing a Christmas rally, and he expects it to break through its diagonal resistance level on the way to setting new all-time highs.
“Bitcoin is in full Santa Claus mode.
We may not see many pullbacks until the end of the year, especially with speculations about Bitcoin becoming a US reserve asset under Trump.
It wouldn’t be surprising to see Bitcoin reach $116,000 or even $125,000 by the end of December.”
Currently, Bitcoin is trading at $106,339.
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Image Credit: Midjourney