⭐⭐Critical Moments in Bitcoin and Ethereum: Experienced Analyst Evaluates Recent Developments ⭐⭐
Ali Martinez, one of the leading analysts in the cryptocurrency world, made important statements about the current state of the market.
Martinez stated that the Ethereum price continued its downward trend and that the important support area was between $ 2,300 and $ 2,380. He added that 1.62 million addresses purchased more than 50 million ETH in this area. He also claimed that the TD Sequential indicator on Ethereum's hourly chart gave a bearish signal and that this situation could lead to a correction movement of one to four candles.
On the Bitcoin side, Martinez stated that the transitions from the bull market to the bear market in BTC cycles occur when the MVRV value falls below the 1-year simple moving average. The analyst stated that the drop below this value occurred when the BTC price fell below $ 61,500, and emphasized that many traders bought large amounts of BTC above this level and are currently writing losses, which could potentially cause a large distribution.
Finally, Martinez added that capital flows for Bitcoin and Ethereum have decreased from $ 20 billion to $ 14 billion in the last two weeks.
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