Good news for altcoin investors: Can ETH reach $6,000?

Crypto analyst Ali Martinez stated in a new post he published on X that Ethereum ($ETH ) could reach $6,000.

Crypto expert Ali Martinez attracted attention with his Ethereum analysis. Referring to the technical appearance on the ETH chart, Martinez thinks that $6,000 could be tested. The technical structure in question is the “Rising Channel” from technical analysis, which is a type of Parallel Channel. In the Parallel Channel, the asset consolidates between two parallel trend lines, and the upper level connects consecutive tops and lower bottoms.

The two levels, as the name suggests, slope upwards in the ascending channel structure. Therefore, the ascending channel is formed only when the pair makes higher peaks and bottoms.

The lower level of the ascending channel can support the price, while the upper level can act as resistance. If any of these levels are broken, the pair is likely to price in that direction. A breakout of the upper line in the channel could be a bullish sign, while a breakout of the lower line could lead to a sharp decline.

Referring to the positive outlook in Ethereum, Martinez said:

“Every bounce from the lower limit of the channel has historically led to an average price increase of 130 percent for ETH. If the ascending channel structure continues to work and does not fall below $2,300, we could see $6,000 in Ethereum.”

Data from spot ETFs will be as important as Ethereum for the altcoin market. If net inflows to spot $ETH ETFs increase, the altcoin bull could become stronger.

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