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Crypto trader and analyst CrediBULL Crypto discussed the possible scenario for Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) near-term trends.
What Happened: He reaffirmed that the ideal buying zone for Ethereum is between $2200 and $2700, just below a pair of equal lows and into high timeframe demand.
The trader mentioned the possibility of Bitcoin front-running its equivalent zone, finding support at weekly demand above $50,000. However, he noted that the recent move to local highs could be another liquidity grab.
CrediBULL further stated that he could see an argument for both scenarios currently – the low timeframe impulse off $58,000 could be the bottom or that it was just a deviation to gather some momentum to take out the lows. He favors the latter due to the equal lows on Ethereum, which look ripe for the taking, and a lack of impulsive price action on Ethereum.
Why It Matters: Bitcoin and Ethereum prices are trading around 2% higher in the past 24 hours, taking their past seven-day gains to 12-13% each. The crypto analysts' observations are significant, as they provide potential investors with a perspective on the market trends of two major cryptocurrencies.
Crypto trader Kevin stated that the $60,000-$63,000-$65,000 levels are not bullish but a break above the $73,000 and going into real price discovery will make the Bitcoin case bullish. He concluded that until it reaches those levels, it is all just accumulation or distribution below the current bull market high. He advises traders to be cautious and fearful.
Crypto trader McKenna sees $5,100 as Ethereum’s target.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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