An influential crypto analyst predicts that Ethereum (ETH) is poised for an upward swing, updating his perspectives on Bitcoin (BTC) and the DeFi altcoin Maker (MKR).
During a recent strategy session, crypto trader Ali Martinez informs his 69,000 followers on the social media platform X that the leading smart contract platform by volume seems ready to break out of its ascending triangle pattern, only to face a potential decline.
“Ethereum may be on the cusp of breaking out of an ascending triangle, which could result in a drop towards $2,430. However, this bearish scenario would be invalidated if ETH closes above $2,560.”
At the time of writing, Ethereum is trading at $2,582, reflecting a 4% increase over the last 24 hours.
Shifting focus to Bitcoin, Martinez suggests that the Tom DeMark Sequential Indicator on BTC’s hourly chart is signaling a potential sell-off, hinting at an impending price correction.
The analyst notes that BTC’s market cycle recently turned bearish after alternating between bullish and bearish trends since August multiple times.
Bitcoin is currently priced at $60,742, showing a 4% increase in the last day.
Concluding his analysis with Maker, the issuer of the stablecoin DAI, Martinez indicates that despite a recent rebrand to SkyEcosystem, the DeFi platform appears set for a potential crash.
“It appears that MakerDAO has rebranded to SkyEcosystem, but I have doubts about this altering its current outlook. The daily chart still displays a bear flag with a projected target of $1,290 for MKR.”
At the time of writing, MKR is trading at $1,827, reflecting a 1.4% decrease over the last 24 hours. A drop to Martinez’s predicted target price would represent approximately a 30% decline from MKR’s current level.
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