Widely followed cryptocurrency analyst Ali Martinez says Ethereum (ETH) could fall into another correction if one key support level breaks.
Martinez told his 74,000 followers on social media platform
Martinez shares the In/Out of the Money Around Price (IOMAP) chart. This is intended to show which addresses are making a profit on a position (in the money), breaking even (at the money), or losing money (out of the money).
“The major support level for Ethereum is $2,300, with 2.4 million addresses buying 52.6 million ETH. If this demand zone fails, it could lead to a sell-off as investors look to minimize losses. There is sex.”
As of this writing, Ethereum is trading at $2,447.
Turning to Bitcoin (BTC), after correctly predicting a correction to the $57,000 level, Martinez is now predicting a break towards the $78,000 level.
“I think the best way to ruin everyone’s dreams is for Bitcoin to fall to $60,000, rebound to $66,000, go back to $57,000, and finally break out towards $78,000!”
However, Martinez cautioned that higher-than-usual volatility could be expected due to Bitcoin's increased leverage on crypto exchanges.
“The use of leverage on crypto exchanges has just reached a yearly high, meaning more people are borrowing to make bigger bets. This puts them at risk of large price fluctuations. It is important to be careful as this can increase
At the time of this writing, Bitcoin is trading at $62,803.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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