A recent analysis of the cryptocurrency Ethereum (ETH) suggests a significant turnaround in the market. Cryptocurrency analyst and trader Ali Martinez shared valuable insights, pointing out that Ethereum, the leading smart contract platform, could be gearing up for a notable rally.
In a post addressed to his followers on a well-known social media platform, Martinez indicated that ETH could see an increase of over 60% from its current value. This forecast comes after a period of accumulation, in which there is a growing interest in purchasing the asset.
Martinez highlights, “Ethereum is currently retesting its ascending triangle breakout zone, suggesting preparation for a further rally. The price range between $2.150 and $1.900 could be the ideal zone for accumulation before ETH focuses on a higher target of $3.500.”
#Ethereum is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.
The price range between $2,150 and $1,900 could be the ideal zone for accumulation before #ETH sets its sights on a higher target of $3,500. pic.twitter.com/6lGZT0ZKgv
— Ali (@ali_charts) December 20, 2023
Martinez's use of Fibonacci retracement levels to analyze the ETH chart suggests the cryptocurrency could break out of an ascending triangle price pattern, potentially reaching the $3.372 level.
At the time of writing, Ethereum was trading at $2.251,10, up 0,5% 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 comments, “Waiting for a $20 Chainlink? First, there is a big hurdle to overcome at $15. Here, 19.000 addresses have about 73,6 million LINKs. Breaking this resistance is essential. Once released, LINK could be well positioned to continue its upward trajectory.”
Waiting for $20 Link #Chainl? First, there's a major barrier to overcome at $15. Here, 19,000 addresses are holding around 73.6 million $ LINK.
Breaking past this resistance is key. Once cleared, #LINK could be well-positioned to continue its upward trajectory. pic.twitter.com/AU4ueANN0I
— Ali (@ali_charts) December 19, 2023
At the time of writing, Chainlink is trading at $14,94, up 2% in the last 24 hours.
