Analyst Points to This Level While Horizontal Movement Continues in Ethereum: Will It Overflow from BTC? - Coin Bulletin

Crypto analyst Justin Bennett noted in his analysis of Ethereum's (ETH) price movement that the failure to surpass the $4,000 level has led to a continuation of the sideways price action.

Bennett specifically pointed out the liquidity accumulation at $3,800 and indicated that the price could make a move towards this point.

According to Bennett, Ethereum could sweep the lows on December 14 and 15 and this move could also strengthen the possibility of filling the weekly 3.56% imbalance in the ETH/BTC pair.

Bennett, who stated that there is a high probability that Bitcoin (BTC) will continue its rise throughout December, emphasized that this situation could create a breakthrough opportunity for Ethereum.

"Bitcoin will probably continue to move upwards in December. There is no reason to think otherwise. However, some of the BTC profits at 3.56% in ETH/BTC may shift to ETH. We'll see."

Bennett's analysis indicates that despite Ethereum's short-term sideways movement, potential profit flows from BTC could lead to a potential breakthrough in Ethereum. In particular, the inability of ETH to surpass the $4,000 resistance means that the price could test liquidity at the $3,800 level in the short term.

The analyst believes that with the funds flowing from Bitcoin to Ethereum, ETH can surpass $4,000 and then move towards $5,000.