Crypto analyst and trader Ali Martinez says that the leading smart contract platform Ethereum (ETH) is setting the stage for an explosive rally.
Martinez tells his 36,600 followers on the social media platform X that ETH could increase by more than 60% from its current value after a period of accumulation when people start to increasingly purchase the asset.
[adinserter block="1"]“Ethereum is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb. The price range between $2,150 and $1,900 could be the ideal zone for accumulation before ETH sets its sights on a higher target of $3,500.”
Looking at his chart, the trader uses Fibonacci retracement levels to predict that the top altcoin could break out of a bullish ascending triangle price pattern to cross the $3,372 level.
Ethereum is trading for $2,178 at time of writing, down slightly in the last 24 hours.
Next up, the trader uses the In/Out of the Money Around Price (IOMAP) metric – which classifies crypto addresses as either profiting, breaking even, or losing money – to determine a key resistance level for decentralized oracle provider Chainlink (LINK).
“Waiting for a $20 Chainlink? First, there’s a major barrier to overcome at $15. Here, 19,000 addresses are holding around 73.6 million LINK. Breaking past this resistance is key. Once cleared, LINK could be well-positioned to continue its upward trajectory.”
Chainlink is trading for $14.15 at time of writing, up slightly in the past 24 hours.
Lastly, the analyst is warning that Bitcoin (BTC) is forming a bearish descending triangle price pattern. He says he is closely watching two key price targets to determine in which direction Bitcoin may make a big move.
“Bitcoin is forming a descending triangle on the hourly chart. Key levels in focus? $41,900 and $40,700. A decisive close above or below this range could trigger a sharp 8% to 9% BTC price move in the corresponding direction.”
Bitcoin is trading for $43,533 at time of writing, up 3.1% in the past 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
