Crypto trader and analyst Ali Martinez says Ethereum (ETH) is dangerously close to a major support level. Martinez tells his 123000 followers on the social media platform X that Ethereum could plunge approximately 39% from the current level to a price of $1700 if the support level at around $2500 fails.
Cryptocurrency trader Ali Martinez has shared his analysis on the potential price movements of Ethereum (ETH) and Avalanche (AVAX) based on technical chart patterns.
Martinez has a large following on the social media platform X, with over 123,000 followers keeping up with his trading insights. His analysis suggests that ETH is facing a crucial support level, and a failure to hold could lead to a significant drop.
According to Martinez, if ETH fails to find support at the $2,500 level, it could continue to fall, reaching a price of approximately $1,700, indicating a potential decline of around 39% from the current levels.
At the time of writing, ETH is trading at $2,712. His analysis on a 12-hour time frame chart shows that ETH is positioned slightly above the lower trendline of an ascending channel pattern. Ascending channel patterns are typically associated with bullish momentum, but a failure to hold the lower trendline could indicate a bearish shift.
However, if ETH manages to hold above the $2,500 support level, Martinez's analysis suggests that it could lead to a bullish surge, with potential price targets ranging from $4,000 to $6,000.
Moving on to Avalanche's native token, AVAX, Martinez's analysis indicates a potential downside move. According to his analysis, a breakout below the lower trendline of a symmetrical triangle could lead to a price drop of approximately 22% from the current levels.
Symmetrical triangles can be either bullish or bearish depending on the direction of the breakout. A breakout above the upper trendline typically indicates bullish potential, while a breakout below the lower trendline suggests bearish pressure.
AVAX is currently trading at $25.68 at the time of writing.
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