Benzinga - Ali Martinez, a well-known cryptocurrency analyst, has expressed concern over Ethereum’s (CRYPTO: ETH) recent price drop, predicting a further correction.
What Happened: On Tuesday, Martinez took to Twitter to voice his concerns about Ethereum’s current market position. He stated, “#Ethereum dropping below $3,460 is a problem for the bulls! Given the lack of support, it increases the chances for a further $ETH correction toward $2,850 or lower.”
#Ethereum dropping below $3,460 is a problem for the bulls! Given the lack of support, it increases the chances for a further $ETH correction toward $2,850 or lower. pic.twitter.com/dFpnpZtBVM— Ali (@ali_charts) April 2, 2024
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This statement comes in the wake of a significant market correction that saw major cryptocurrencies, including Ethereum, start Q2 in the red. The price of Ethereum dropped by over 8% on Monday.
Why It Matters: Ethereum is already in the red, slipping 1.4%, over a 30-day period. However, since the year began, the second-largest cryptocurrency has shot up over 48%. This YTD gain is still less than Bitcoin’s (CRYPTO: BTC) nearly 58% gain.
Ethereum registered an all-time high of $4,891.70 on Nov. 16, 2021, while Bitcoin has rediscovered fresh highs more recently on Mar 14, 2024, when it shot up to $$73,750.07.
Martinez’s latest prediction aligns with his earlier views about Ethereum’s near future. He said recently that if Ethereum breaches the $3,400 support level, it could face a significant correction.
Price Action: At the time of writing, Ethereum traded 4.6% lower over 24 hours at $3,388.35, according to data from Benzinga Pro.
Photo Courtesy: alfernec on Shutterstock.com
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