Widely recognized crypto analyst Ari Martinez said that Ethereum (ETH) could face another correction if some key support levels are broken.
Mr. Martinez told 74,000 subscribers of social media platform X that $2,300, which is a correction of about 7% from the current price, is a key price level that #ETH bulls should hold.
Mr. Martinez shared the In/Out of the Money Around Price (IOMAP) chart, which shows whether an address is making a profit on a position (in the money), moving to breakeven (in the money) or taking a loss (out of the money), indicating that the address is out of the money.
the key support level for #Ethereum is $2,300, with 2.4 million addresses buying 52.6 million ETH. If this demand zone fails, it could lead to a sell-off as investors look to minimize losses.
At the time of writing, Ethereum was trading at $BTC As for #bitcoin (BTC), Martinez, having correctly predicted a correction to the $57,000 level, now expects a breakout to $BTC I think the best way to ruin everyone's dreams is for bitcoin to fall to $60,000, bounce to $66,000, then bounce back to $57,000, and finally breakout to $78,000! However, Martinez warns that volatility could be higher than usual due to bitcoin's increased leverage on cryptocurrency exchanges.
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