Ethereum (ETH) has been doing pretty well lately, even after a slight dip last week. One analyst, Ali Martinez, thinks it could even hit a new all-time high of $6,000!
Holding the Line
Martinez says Ethereum is currently testing a crucial support level at $2,400. If it stays above this level, it could break through the $3,000 mark and even reach $6,000. That’s a potential 142% gain!
However, if Ethereum falls below $2,400, it could drop by 40% and find a new support level at $1,500. So, there’s a lot of risk involved.
A Bearish Signal?
Another analyst, Darkfost, has noticed something interesting: the Ethereum Coinbase Premium Index is currently negative. This means that big institutional investors might be selling off their ETH, which could lead to a short-term downtrend.
While this might be bad news for short-term traders, long-term investors might see this as a chance to buy ETH at a lower price.
What’s Next?
Overall, Ethereum is in a bit of a tricky spot right now. It could go up a lot, but it could also go down. It’s important to keep an eye on the support level at $2,400 and be aware of the potential risks.
