Crypto trader and analyst Ali Martinez says Ethereum (ETH) is dangerously close to a major support level.
Martinez tells his 123,000 followers on the social media platform X that Ethereum could plunge approximately 39% from the current level to a price of $1,700 if the support level at around $2,500 fails.
ETH is worth $2,712 at time of publishing.
Martinez’s chart suggests Ethereum is slightly above the lower trendline of an ascending channel pattern on the 12-hour time frame. While an ascending channel pattern is generally considered a bullish signal, a breakout below the lower trendline suggests a bearish reversal.
The crypto trader, however, says that if the $2,500 support level holds, Ethereum could appreciate by up to 117% from the current level.
“If Ethereum holds above $2,500, it could rebound toward $4,000 or even $6,000.”
Next up is the native token of the layer-1 blockchain Avalanche (AVAX). Martinez says that AVAX could fall by around 22% from the current level after breaking down below the lower trendline of a symmetrical triangle.
Symmetrical triangles are either bullish or bearish depending on whether the price breaks out or breaks down – a breakout above the upper trendline suggests bullish potential while a breakdown below the lower trendline suggests the opposite.
AVAX is trading at $25.68 at time of writing.
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Generated Image: Midjourney
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