According to cryptocurrency analyst Justin Bennett, traders should watch the situation to see if Ethereum (ETH) can break through to a significant level against Bitcoin (BTC) in the near future.
Bennett said recent trend lines indicate that Ethereum needs to rise above 0.073 Bitcoin ($3,193.68) for Ethereum to start outpacing BTC in the next few months.
“Until then, the ETH/BTC chart is currently in truly landscape mode.”
On the other hand, according to Bennett, if ETH closes below 0.065555 BTC ($2,867.97), it could possibly drop as low as 0.063 BTC ($2756.19).
Bitcoin was trading at $41,600 at the time of writing. The top-ranked crypto-asset by market cap has increased by nearly 10% over the past seven days.
Bennett states that if Ethereum breaks out in March, the next key area to hit is $3200.
“We’ve seen lower levels in the last few months. It will take the first high to truly push the market to potentially $3,600 this month.”
Ethereum was trading at $2700 at the time of writing.
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