Widely followed crypto analyst Ali Martinez says Ethereum (ETH) may be in for another correction if a crucial support level breaks through.
Martinez tells According to his 74,000 followers on the social media platform
Martinez shares an In/Out of the Money Around Price (IOMAP) chart, which aims to show addresses that are profiting (in the money), breaking even (at the money) or losing money (out of the money). at their positions.
“The main support level for Ethereum is $2,300, with 2.4 million addresses purchasing 52.6 million ETH. If this demand zone fails, it could lead to a sell-off as investors look to minimize their losses.”
At the time of writing, Ethereum is trading at $2,447.
Looking at Bitcoin (BTC), next predict accurately After a correction to the $57,000 level, Martinez now expects a break towards the $78,000 level.
“I think the best way to ruin everyone’s dreams would be for Bitcoin to fall to $60,000, recover to $66,000, bounce back to $57,000 and finally break out towards $78,000!”
But Martinez warns that volatility could be higher than normal due to an increase in Bitcoin leverage on crypto exchanges.
“The use of leverage on crypto exchanges has just reached an annual high, which means more people are borrowing to make bigger bets. This can increase the risk of large price swings, so it is important to be careful!”
At the time of writing, Bitcoin is trading at $62,803.
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Generated image: DALLE3
