Crypto Trader Says Ethereum on Cusp of Breaking Out, Updates Outlook on Bitcoin and One DeFi Altcoin
A closely followed crypto analyst says that Ethereum (ETH) is on the brink of a swing to the upside while updating his outlook on Bitcoin (BTC) and decentralized finance (DeFi) altcoin Maker (MKR).
In a new strategy session, crypto trader Ali Martinez tells his 69,00 followers on the social media platform X that the top smart contract platform by volume appears ready to break out of its ascending triangle pattern – only to see a decline.
“Ethereum might be on the verge of breaking out of an ascending triangle, which could lead to a decline towards $2,430. However, this bearish outlook would be negated if ETH closes above $2,560.”
Ethereum is trading for $2,582 at time of writing, a 4% gain during the last 24 hours.
Moving on to the crypto king, Martinez says that the Tom DeMark Sequential Indicator – or a metric traders use to identify potential points of reversal for an asset – appears to be flashing a sell signal on BTC’s hourly chart, indicating that a price correction could be over the horizon.
The strategist goes on to note that BTC’s market cycle recently flipped bearish after flipping between bullish and bearish since August numerous times.
Bitcoin is trading for $60,742 at time of writing, a 4% increase during the last day.
Concluding his analysis with Maker, the issuer of the stablecoin DAI, Martinez says the DeFi platform looks primed to crash despite recently rebranding itself.
“It seems that MakerDAO has rebranded to SkyEcosystem, but I doubt this move will change its current outlook. The daily chart still shows a bear flag with a projected target of $1,290 for MKR.”
MKR is trading for $1,827 at time of writing, a 1.4% decrease during the last 24 hours. A drop to Martinez’ predicted price tag would mark about a 30% drop from MKR’s current level.
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