Crypto analyst Ali Martinez is sounding the alarm about Ethereum (ETH). He’s predicting a significant drop if a key support level breaks.
ETH’s Potential Plunge
Martinez, who boasts over 123,000 followers on X (formerly Twitter), says ETH could plummet roughly 39% from its current price of around $2,712 to a low of $1,700. This dire prediction hinges on the failure of the $2,500 support level. He bases this on a technical analysis of an ascending channel pattern, where a break below the lower trendline often signals a bearish reversal.
But There’s Hope… Maybe
However, Martinez isn’t entirely bearish. He suggests that if the $2,500 support holds, ETH could see a massive rally, potentially reaching $4,000 or even $6,000 – a gain of up to 117%.
Avalanche (AVAX) Also in the Crosshairs
Martinez isn’t just focused on Ethereum. He also issued a warning about Avalanche (AVAX). He believes AVAX, currently trading around $25.68, could drop by approximately 22% after breaking below the lower trendline of a symmetrical triangle pattern. Similar to the ETH analysis, a break below the lower trendline suggests a bearish outlook.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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