Despite a recent upswing in the price of Ethereum (ETH), popular crypto trader Justin Bennett remains "cautiously bearish" on the crypto markets. Based on his analysis, Bennett believes that so long as the price of Bitcoin (BTC) remains below $29,000, the current market trend is likely to remain bearish.

When assessing the state of ETH, Bennett believes that the smart contract platform may temporarily pump to nearly $1,900. He notes that Ethereum tested the September 2021 trend line at $1,680 on Monday. The trader views this as a must-hold level for bulls and thus suggests that a clear ETH range is emerging between $1,715 and $1,840. In fact, Bennett believes that if the ETH price is able to break and hold above $1,840, it could potentially rise to $2,030. Conversely, Bennett notes that if ETH fails to hold above $1,840, it will likely return to $1,700.

Bennett further suggests that traders should keep an eye on ETH's performance around the micro-range of $1,785-$1,790. He states that if ETH closes below this level at a higher timeframe, it could signal a bearish deviation and result in a decrease to $1,715. At the time of writing, ETH is worth $1,788 and is up by 3%.

Overall, while Bennett remains cautiously bearish on the current crypto markets, his analysis suggests that ETH could potentially rise if it breaks and holds above the $1,840. On the other hand, if ETH fails to hold above $1,840, it will likely slip back to $1,700. Thus, traders should watch the ETH price closely at the micro-range of $1,785-$1,790.



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