title: Ethereum (ETH) Price Prediction: Analyst Ali Martinez Believes ETH Is Primed to Depreciate Massively Against Bitcoin (BTC)

Cryptocurrency analyst and trader Ali Martinez believes Ethereum (ETH) is primed to depreciate massively against Bitcoin (BTC).

Crypto analyst and trader Ali Martinez says that Ethereum (ETH) is poised for a large-scale depreciation against Bitcoin (BTC).

Martinez tells his 134,700 followers on the social media platform X that Ethereum is forming a bearish pattern against Bitcoin on the monthly chart.

According to Martinez, Ethereum could depreciate by 91% from the current level.

“After an incredible run in 2023, ETH/BTC is quickly forming a bear market pattern on the monthly chart, which could see a 91% decline from the top. From this angle, the trading pair could be heading to 0.0020 BTC!”

According to the analyst, the pair hit a high of 0.25 BTC in March 2023. At time of writing, Ethereum is trading at 0.02205 BTC.

Citing data from crypto analytics platform Santiment, Martinez says that Ethereum whales sold 760,000 ETH, worth approximately $1.42 billion at current prices, over the past two weeks.

“In the last two weeks alone, the top 100 ETH addresses have reduced their holdings by a total of 760,000 ETH. At current prices, this amounts to $1,420,000,000 in ETH sold by whales.”

The crypto analyst and trader also says that during the last five weeks, whale activity on the Ethereum network has plummeted.

“Since February 25th, the number of large Ethereum transactions has declined by 63.8%, signaling a drop in whale activity on the network. A transaction is considered large if it involves at least $100,000.”

Turning to Bitcoin, Martinez says that after the crypto king plunged below the 200-day and 50-day moving averages (MA) recently, the two moving averages are acting as resistance levels. Based on the analyst’s chart, it appears he’s suggesting that Bitcoin is on the cusp of forming a death cross, a bearish indicator that occurs when the 200-day and 500-day moving averages converge.

“Bitcoin faces the 200-day MA at $86,200 and the 50-day MA at $88,300 as key resistance ahead! A break above these levels could shift momentum back to the bulls. A break below the 200-day MA at $76,000 could accelerate the sell-off.”