Crypto Analysis: Ethereum, Chainlink, Bitcoin on Focus
Well-known cryptocurrency analyst Ali Martinez suggests a potentially significant surge in Ethereum (ETH) value.
Martinez anticipates a possible 60% or more increase in ETH’s current value due to growing interest in purchasing the asset after a period of accumulation.
#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 notes Ethereum’s retest of its breakout zone from an ascending triangle, indicating a probable climb. The range between $2,150 and $1,900 is identified as an optimal accumulation zone before ETH aims for a higher target of $3,500.
Utilizing Fibonacci retracement levels in the analysis, Martinez predicts Ethereum’s potential breakout from a bullish ascending triangle pattern, foreseeing a surpassing of the $3,372 level.
As of the latest update, Ethereum is trading at $2,318, showing a slight decline in the past 24 hours.
Shifting focus, Martinez uses the In/Out of the Money Around Price (IOMAP) metric to identify a crucial resistance level for Chainlink (LINK), a decentralized oracle provider.
READ MORE: Is Bitcoin on the Verge of a Bull Run? Analysts Weighs In
He points out a significant hurdle at $15, with approximately 19,000 addresses holding about 73.6 million LINK. Overcoming this resistance level is pivotal for LINK’s upward movement towards the projected $20 mark.
Waiting for a $20 #Chainlink? 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
Presently, Chainlink is trading at $15.23, exhibiting a minor increase in the last 24 hours.
Finally, Martinez alerts about Bitcoin’s (BTC) formation of a bearish descending triangle price pattern. He closely monitors two key price targets, $41,900 and $40,700, to gauge the potential direction of Bitcoin’s significant movement.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
