As a seasoned researcher with a decade-long career in crypto analysis and trading under my belt, I find myself intrigued by the current state of Ethereum (ETH). The pennant pattern hinted by Ali Martinez is indeed an interesting development, suggesting a potential rise towards $2,820 if his prediction holds true. However, as we all know too well in this volatile market, past performance is no guarantee of future results.
At the moment, as per crypto expert Ali Martinez’s analysis, the value of Ethereum (ETH) appears to be shaping up into a pennant formation.
In his latest update about X, he highlighted a possible upward trend suggested by a pennant pattern in the lower timeframes, potentially leading to an increase of around 4% and reaching approximately $2,820.
As per Ali Martinez’s analysis, a crucial support level for Ethereum lies in the range of $2,314 to $2,435. This area represents approximately 2.14 million addresses collectively holding around 51.67 million Ether, while the current objective price is estimated at $2,930.
Ether in critical condition
In the past few days, I’ve experienced a significant drop in the value of my Ethereum investments. During this market correction, Ethereum seems to have been one of the hardest hit cryptocurrencies, with Ether losing nearly a third of its worth.
Due to investors’ expectation of a Bitcoin Spot ETF, the altcoin’s price has been steadily decreasing since its high points close to $4,000 in March, as a result of the initial bull run.
Over the last seven days, the cryptocurrency sector has been showing signs of a comeback. By climbing up to $63,000 on Friday, Bitcoin‘s value contributed significantly to the total crypto market capitalization rebounding to approximately $2.1 trillion.
In contrast to the difficulties, significant Ethereum (ETH) investors began a massive purchasing wave on Friday, suggesting they might be capitalizing on a price drop by executing substantial transactions.
Collectively, they have bought almost $56 million worth of Ethereum in 24 hours.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- SHIB PREDICTION. SHIB cryptocurrency
- USD PHP PREDICTION
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD COP PREDICTION
- Top gainers and losers
2024-08-10 17:44