Trader Issues Ethereum Alert, Says ETH Could Plunge 39% if Major Support Level Fails – Here Are His Targets

Crypto dealer and analyst Ali Martinez says Ethereum (ETH) is dangerously near a serious assist stage.

Martinez tells his 123,000 followers on the social media platform X that Ethereum might plunge roughly 39% from the present stage to a worth of $1,700 if the assist stage at round $2,500 fails.

ETH is value $2,712 at time of publishing.

Martinez’s chart suggests Ethereum is barely above the decrease trendline of an ascending channel sample on the 12-hour time-frame. Whereas an ascending channel sample is usually thought of a bullish sign, a breakout under the decrease trendline suggests a bearish reversal.

The crypto dealer, nevertheless, says that if the $2,500 assist stage holds, Ethereum might respect by as much as 117% from the present stage.

“If Ethereum holds above $2,500, it might rebound towards $4,000 and even $6,000.”

Subsequent up is the native token of the layer-1 blockchain Avalanche (AVAX). Martinez says that AVAX might fall by round 22% from the present stage after breaking down under the decrease trendline of a symmetrical triangle.

Symmetrical triangles are both bullish or bearish relying on whether or not the value breaks out or breaks down – a breakout above the higher trendline suggests bullish potential whereas a breakdown under the decrease trendline suggests the other.

AVAX is buying and selling at $25.68 at time of writing.

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