A widely followed crypto analyst says Ethereum (ETH) is about to flip bullish while updating his outlook on Bitcoin (BTC) and decentralized finance (DeFi) altcoin Maker (MKR).
In a new strategy session, crypto trader Ali Martinez tells his 69,000 followers on social media platform X that the top smart contract platform by volume looks set to break out of its ascending triangle pattern — and then decline.
“Ethereum could be on the verge of breaking out of an ascending triangle, which could lead to a decline towards $2,430. However, this bearish outlook would be negated if ETH closes above $2,560.”
Ethereum is trading at $2,582 at the time of writing, a gain of 4% over the past 24 hours.
Moving on to the crypto king, Martinez says that the Tom DeMark sequential indicator — or a metric that traders use to identify potential turning points for an asset — appears to be displaying a sell signal on BTC’s hourly chart, indicating that a price correction could be on the horizon.
The strategist goes on to note that BTC’s market cycle has recently turned bearish after flipping between bullish and bearish numerous times since August.
At the time of writing, Bitcoin is trading at $60,742, up 4% over the past day.
Concluding his analysis with Maker, the issuer of the DAI stablecoin, Martinez says the DeFi platform appears set to crash despite its recent rebranding.
“It appears that MakerDAO has changed its name to SkyEcosystem, but I doubt this move will change its current outlook. The daily chart still shows a bearish flag with a projected target of $1,290 for MKR.”
At the time of writing, MKR is trading at $1,827, down 1.4% in the last 24 hours. A drop to Martinez’s predicted price would mark a decline of about 30% from MKR’s current level.
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check price
Follow us on XFacebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies 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 cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
