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Wednesday, October 5, 2022

Will Bitcoin Confirm A Bullish Breakout And Ethereum Trend Higher? Here’s What The Experts Are Saying

As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded lower on Wednesday evening after minutes of the Federal Reserve’s January meeting showed it was preparing to raise interest rates, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.

What Happened: Cryptocurrency analyst Justin Bennett said that Bitcoin needs to take out $46,000 on a daily closing basis to confirm a bullish breakout and move towards the $50,000 region. He noted that apex cryptocurrency’s yearly open of $46,200 will pay a “critical role.”

Ethereum — which is attempting to break out from a descending channel that extends from the November highs — will be able to trend higher if it closes above $3,120, Bennett said.

A move by the US dollar index (DXY) to below 95.13 followed by it taking out the 94.60 low would enable cryptocurrencies to move significantly higher in the coming weeks, the analyst noted.

Cryptocurrency analyst Benjamin Cowen said on his YouTube channel that Ethereum getting back above its bull market support band in the range of $3,400 to $3,700 and holding it as support would likely mean “good things” are coming for the cryptocurrency.

He noted that Ethereum is now approaching its 20-week SMA (Simple Moving Average) of $3,700 and 21-week EMA (Exponential Moving Average) of $3,366.

See Also: How To Buy Bitcoin (BTC)

Pseudonymous cryptocurrency analyst Altcoin Sherpa said that while he still believes Bitcoin will revisit its lows around the $35,000 region, he will change his opinion if the cryptocurrency establishes a higher low.

Another pseudonymous analyst Creditable Crypto said that as long as Bitcoin held the $42,000 region, long-time frame (LTF) wave structure indicated the apex cryptocurrency was possibly starting its next upward move.

Price Action: Bitcoin is down 0.6% during the past 24 hours, trading at $43,791.72 at press time. Ethereum is down 1.9% during the period to $3,094.83.

Read Next: Bitcoin, Ethereum, Dogecoin Trade Flat After Fed Minutes Released — Why The Apex Coin Looks Very Healthy To This Analyst

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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