A recent analysis of Ethereum (ETH) indicates a significant shift in the market. Ali Martinez, a cryptocurrency analyst and trader, shared valuable insights suggesting that the leading smart contract platform may be gearing up for a notable rally.
In a post on a popular social media platform, Martinez informed his followers that ETH could experience a surge of over 60% from its current value. This prediction comes after a period of accumulation, during which there has been a growing interest in acquiring the asset.
Martinez emphasized, “Ethereum is currently retesting its breakout zone from an ascending triangle, indicating preparations for a further climb. The price range between $2,150 and $1,900 could serve as an ideal accumulation zone before ETH sets its sights on a higher target of $3,500.”
Martinez’s analysis of the ETH chart, using Fibonacci retracement levels, suggests that the cryptocurrency could break out of an ascending triangle price pattern and potentially reach the $3,372 level.
As of the time of writing, Ethereum was trading at $2,251.10, reflecting a 0.5% increase in the last 24 hours.
Martinez also analyzed Chainlink (LINK) using the In/Out of the Money Around Price (IOMAP) metric to identify a key resistance level. He stated, “Waiting for $20 Chainlink? First, there is a significant hurdle to overcome at $15. At this level, there are approximately 19,000 addresses holding around 73.6 million LINKs. Breaking through this resistance is crucial. Once accomplished, LINK could be well-positioned to continue its upward trajectory.”
At the time of writing, Chainlink was trading at $14.94, indicating a 2% increase in the last 24 hours.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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