Ethereum
- Analyst Ali Martinez warns of a “brutal scenario” for Ethereum (ETH).
- ETH has broken below support at $3,400, indicating a bearish trend.
- A bear pennant pattern suggests a potential decline of over 14% to $2,800.
- The $2,850 level may provide some support, but a further correction to lower levels is possible.
Bitcoin
- Martinez also cautions about Bitcoin (BTC), predicting more downside moves if it falls below the 200 exponential moving average (EMA) on the four-hour chart.
- The 200 EMA has been a key support level since February.
- A break below this level could lead to further losses for BTC.
Current Market Conditions
- At the time of writing, ETH is trading at $3,284, down over 6% in the last 24 hours.
- BTC is trading at $65,592, with the 200 EMA hovering at $65,549.
