Crypto analyst and trader Ali Martinez says leading smart contract platform Ethereum (ETH) is paving the way for an explosive rally.
Martinez tells According to its 36,600 followers on the social media platform
“Ethereum is currently retesting its breakout zone from an ascending triangle, indicating 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 at $2,178 at the time of writing, down slightly in the past 24 hours.
The trader then uses the In/Out of the Money Around Price (IOMAP) metric – which classifies crypto addresses as making a profit, 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 big barrier to overcome: $15. Here, 19,000 addresses contain about 73.6 million LINKs. Breaking through this resistance is the key. Once cleared, LINK could be well positioned to continue its upward trajectory.”
Chainlink is trading at $14.15 at the time of writing, up slightly in the last 24 hours.
Finally, there is the analyst warning that Bitcoin (BTC) is forming a bearish descending triangle price pattern. He says he’s keeping a close eye on two key price targets to determine which direction Bitcoin can 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% price move in BTC’s corresponding direction.”
Bitcoin is trading at $43,533 at the time of writing, up 3.1% in the past 24 hours.
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Generated image: DALLE3