Trader Issues Ethereum Alert, Says ETH Could Plunge 39% if Major Support Level Fails – Here Are His Targets
Crypto trader and analyst Ali Martinez says Ethereum (ETH) is dangerously close to a major support level. Martinez tells his 123,000 followers on the social media platform X that Ethereum could plunge approximately 39% from the current level to a price of $1,700 if the support level at around $2,500 fails. ETH is worth $2,712 at time of publishing. Martinez’s chart suggests Ethereum is slightly above the lower trendline of an ascending channel pattern on the 12-hour time frame. While an ascending channel pattern is generally considered a bullish signal, a breakout below the lower trendline suggests a bearish reversal. The crypto trader, however, says that if the $2,500 support level holds, Ethereum could appreciate by up to 117% from the current level. “If Ethereum holds above $2,500, it could rebound toward $4,000 or even $6,000.” Source: Ali Martinez/X Next up is the native token of the layer-1 blockchain Avalanche (AVAX). Martinez says that AVAX...