Crypto trader and analyst Ali Martinez says that Ethereum (ETH) is dangerously close to a major level of support.
Martinez tells its 123,000 subscribers on the X social media platform that Ethereum could dive approximately 39% of the current level at a price of $ 1,700 if the level of support at around $ 2,500 fails.
ETH is worth $ 2,712 at the time of publication.
Martinez’s graph suggests that Ethereum is slightly above the lower trend line of an upward channel motif over the 12-hour period. Although an ascending channel pattern is generally considered to be a bullish signal, a break below the lower trend line suggests a downward reversal.
The crypto trader, however, says that if the level of support of $ 2,500 is valid, Ethereum could appreciate up to 117% of the current level.
“If Ethereum holds more than $ 2,500, it could bounce around $ 4,000, or even $ 6,000.”
Then, the native token of the Blockchain Avalanche Duk 1 (Avx). Martinez says that Avax could fall by around 22% of the current level after decomposed below the lower trend line of a symmetrical triangle.
Symmetrical triangles are either optimistic or lowering depending on whether the price breaks down or breaks down – an escape above the upper trend line suggests a bull potential while a failure of the lower trend line suggests the opposite.
AVAX is traded at $ 25.68 at the time of the editorial staff.
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