Ethereum Must Hold This Key Level To Keep Altseason Hopes Alive, Analyst Explains
In X postal Cryptocurrency market analyst and commentator Ali Martinez published today, highlighting the crucial Ethereum (ETH) price levels that must be held to sustain the hope of the playoffs. Martinez warned that losing this support could be a significant derailment.
Ethereum must defend key price levels
Ethereum is the second largest digital asset in market capitalization and continues to trade in the mid-term of $2,000. At the time of writing, ETH is priced below $2,700, providing the Bulls with optimism about a potential breakthrough in potential resistance levels above $3,000.
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However, in his latest analysis, Martinez highlighted the $2,600 level Critical Price point for ETH. He added that if the digital assets are below this level, “Altseason will be cancelled.”
Recent Bybit Crypto exchange hacker Shock waves were distributed in the cryptocurrency industry as hackers stole more than $1.4 billion worth of digital assets. It is worth noting that ETH accounts for most of the stolen funds.
Nevertheless, ETH remains in good shape compared to Bitcoin (BTC). Analysts point out that the ability of ETH to stay at essentially the same price level after such a massive hack is “fun”. them additional:
It’s very interesting to look at ETH at basically the same level with $1B+ hack. It wouldn’t be surprising that there are certain entities that do buy back some lost ETH or people’s leaders in things like this. At some point, ETH may have to be restored in some way, whether it is restored or repurchased. Otherwise there will be no 100% fund cover.
Crypto analyst Ted responded to this view in his analysis of bybit hack. In X postalhe stressed that not only did the hackers not push ETH to new lows, but the cryptocurrency has rebounded 35% from its bottom.
Meanwhile, crypto trader Merlijn trader if There is some hope that Eth Bulls shares a three-week Ethereum chart, which shows that ETH is ready to get rid of the symmetrical triangle pattern with “the largest bull run to date.”
Altseason in danger?
Experienced crypto analyst Rekt Capital also weighed the tradeoffs, sharing the daily Altcoin market cap chart, showing Altcoins failed to surpass key resistance levels and highlighted in a red circle. them Explained:
Altcoin’s market value is transitioning to the triangular market structure (blue). Alts needs to close the blue lower high school every day and then over black resistance to confirm significant trend changes.
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That said, the upcoming playoffs led by Ethereum may still be promising. recent Report Found ETH reserves on crypto exchanges at nine-year lows, which could exacerbate scarcity and drive rise. At press time, ETH was trading at $2,671, down 5.2% in the past 24 hours.
Featured images from Unsplash, charts from X and TradingView.com
