A closely watched crypto analyst says Ethereum (ETH) is on the verge of an upward move as he updates his views on Bitcoin (BTC) and decentralized finance (DeFi) altcoin Maker (MKR).
In a new strategy session, crypto trader Ali Martinez tells According to its 69,000 followers on social media platform
“Ethereum may be on the verge of breaking out of the 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 at $2,582 at the time of writing, a gain of 4% over the past 24 hours.
We move on to the crypto king, Martinez say that the Tom DeMark Sequential Indicator – or a measure that traders use to identify potential reversal points for an asset – appears to be giving a sell signal on BTC’s hourly chart, indicating that a price correction could be in the offing.
The strategist further notes that BTC’s market cycle has changed recently turned over bearish after switching between bullish and bearish numerous times since August.
Bitcoin is trading at $60,742 at the time of writing, up 4% over the past day.
Concluding his analysis with Maker, the publisher of the stablecoin DAI, Martinez says the DeFi platform is looking good prepared crashing, despite recently rebranding itself.
“It appears that MakerDAO has been rebranded as SkyEcosystem, but I doubt this move will change the current outlook. The daily chart still shows a bear flag with a projected target of $1,290 for MKR.”
MKR is trading at $1,827 at the time of writing, down 1.4% over the past 24 hours. A drop to Martinez’s forecast price tag would represent a decline of approximately 30% from MKR’s current levels.
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