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Traders should watch to see if Ethereum (ETH) is able to cross an important level against Bitcoin (BTC) in the near future, according to crypto analyst Justin Bennett.
Bennett tells his 10,200 YouTube subscribers that recent trend lines indicate Ethereum needs to get above 0.073 Bitcoin ($3,193.68) to start outpacing BTC in the next few months.
“Until that time, the ETH/BTC chart is really just kind of in sideways mode right now.”
On the flip side, if ETH closes below 0.065555 BTC ($2,867.97), it’s likely to move all the way down to 0.063 BTC ($2756.19), according to Bennett.
Bitcoin is trading at $43,949.43 at time of writing. The top-ranked crypto asset by market cap is up nearly 20% in the past seven days.
In terms of ETH’s USD price, the analyst notes that the last time Ethereum made a higher high in price was in early November. Since late November/early December, ETH has been hitting lower highs.
Bennett notes that $3,200 is the next key area for Ethereum to hit if it’s going to break out in March.
“We’ve seen lower highs over the last few months. It’s going to take that first higher high in order to really push this market higher up toward potentially $3,600 this month.”
Ethereum is trading at $2,935.56 at time of writing, up more than 16% from where it was priced one week ago. The second-largest crypto asset by market cap is currently worth 0.067110 BTC.