Cardano (ADA) Much-Awaited Reversal To Begin With A Breakout From This Key Chart Pattern

According to Gowanus Monster in a recent post on X, Cardano (ADA) appears to be carving out an inverse Head and Shoulders (H&S) bottom formation on the daily chartan increasingly credible signal that could mark a major shift in its price trend. This bullish reversal structure, which features a lower low (head) flanked by two higher lows (shoulders), is typically seen near the end of a downtrend and often precedes a sustained upside move. If the price continues to respect the formation and approaches the neckline with increasing volume, it could set the stage for a breakout. Such a move would serve as a strong bullish confirmation and may kick off a meaningful upward trend. Neckline Break Confirmation: The Key To Validating The Bullish Reversal One of the most crucial elements underscored in the Gowanus Monster detailed analysis is the well-established downtrend that precedes the formation, an essential criterion for a valid bullish reversal.  Related Reading: Cardano (ADA) Bulls Push for Breakout Is a Sharp Rally Next? Adding further credibility to the setup, Gowanus Monster pointed out the notable symmetry of the pattern. The left and right shoulders are well balanced in height and duration, a classic trait of a bottom. This kind of proportionality enhances visual clarity and increases the likelihood that the pattern will resolve to the upside. Historical data shows that symmetrical structures often have higher breakout success rates, which strengthens confidence in this particular scenario for Cardano. He also emphasized the importance of the outer neckline, currently positioned near the $0.774 level. This key resistance zone is even more significant because it aligns with the 200-day moving average. The convergence of the neckline and the 200MA creates a technical inflection point that could determine the next phase of ADAs price action. According to Gowanus Monster, a daily close above the neckline and the 200-day MA would confirm the inverse Head and Shoulders pattern and serve as a strong breakout signal from bearish to bullish. Until that confirmation occurs, traders are advised to stay alert and watch how ADA behaves around this pivotal level, as failure to break through could delay or invalidate the bullish scenario. Inverse Head And Shoulders Price Target For Cardano Conclusively, Gowanus stated that once this breakout is confirmed, it could result in a potential upside target near the $0.98 mark. This level isnt arbitrary; it reflects the approximate height of the pattern added to the breakout point, offering a realistic price objective based on historical chart behavior. Related Reading: Cardano Price Could Be Set For 100% Rally As This Bullish Triangle Has Formed On The Daily Timeframe Reaching $0.98 would mark a significant recovery from Cardano’s recent lows and attract renewed investor interest. Such a move may re-establish bullish sentiment in the Cardano dynamics, particularly if it coincides with rising volume and improving market conditions. Featured image from Adobe Stock, chart from Tradingview.com

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Crypto Analyst Shatters XRP Price Bullishness, Predicts Massive Crash To This Support Level

Crypto analyst Crypto Paradise has shattered hopes of an upward trend for the XRP price in the short term. This came following his prediction that the altcoin could witness a massive crash to a major support level.  Analyst Predicts XRP Price Crash To $1.6 In a TradingView post, Crypto Paradise predicted that the XRP price could crash to the support level at $1.6. This came as he suggested that a huge bearish trap could be unfolding right now for XRP. This means that the altcoin will simply correct to shake out the bears and then witness a bullish reversal.  Related Reading: XRP Price Follows Bitcoin To Critical Levels, Why $2.24 Is Important However, in the short term, the analyst warned that the XRP price is flashing serious warning signs. He highlighted the formation of a rising wedge pattern, which increases the probability of a bearish move. Crypto Paradise also noted that while analyzing the broader market structure, the recent upward trend looks to be a retracement within the larger bearish trend. As such, the probability of a decline being imminent is still very high.  He claimed that if the XRP price bounces, grabs liquidity, and starts forming clear bearish patterns from the resistance area between $2.4 and $2.5, it could set up an excellent opportunity with a high risk-to-reward (RR) ratio for shorts. However, this bearish thesis will be invalidated if the price breaks out and closes a candle clearly above the resistance zone.  If that happens, Crypto Paradise believes it would be much smarter to stay patient and wait for a more reliable XRP price action setup before considering new trades. The analyst also urged market participants to stay disciplined, patient, and smart. He added that it is best to stick to the plan and never rush decisions under emotional pressure.  A Bullish Prediction For The Altcoin In an X post, crypto analyst Ali Martinez provided a bullish outlook for the XRP price. He stated that the altcoin looks to be breaking out of an inverse head and shoulders pattern, with a potential upside target between $2.70 and $2.90. A rally to this $2.90 target could pave the way for another rally to a new ATH for the altcoin.  Related Reading: Heres What Happens If The XRP Price Closes Out This Week Above $2.25 Crypto analyst Joe also asserted that the XRP price looks bullish. He noted that the inverse Head and Shoulders breakout has been confirmed, while a bullish wedge breakout is evident on the charts. Key resistance has also flipped to support, and a higher low has formed. In line with this, the analyst remarked that momentum is building for a strong move up.  At the time of writing, the XRP price is trading at around $2.28, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com

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XRP Price Chart Signals Trouble Is A Drop To $1.20 Possible?

The price of XRP has recorded a significant downtrend in the last 24 hours, declining by almost 5% according to data from CoinMarketCap. Amidst this price fall, renowned market analyst Ali Martinez has stated there is a strong bearish pattern forming on the XRP price chart signaling further price drops ahead. Related Reading: XRP Could Start An Explosive Move To $33 Within 28 Days, Says Analyst XRP Faces Bearish Breakdown As Head-And-Shoulders Pattern Emerges Over the last week,  XRP investors have witnessed both sides of the crypto market volatility after a spontaneous 30% surge to $3.00 was followed by a bearish price action of almost equal strength. Currently, XRP trades at around $2.30 in a downtrend signaling a dominant selling pressure. Commenting on the current state of the market,  Ali Martinez stated that XRP’s price action on its daily chart is forming a head-and-shoulders pattern suggesting an incoming heavy price fall. For context, the head-and-shoulders pattern is a common reversal signal, that appears at the peak of an uptrend before a significant downtrend begins. This bearish formation starts with the left shoulder which is an initial price peak followed by a moderate pullback. This can be seen with XRP’s price action in late 2024 after it surged to around $2.70 in early December before the general market correction. Thereafter, there is the head component which represents a higher price peak i.e. the current local market top at $3.40, followed by another decline. Finally, the head and shoulders pattern is completed by the right shoulder formed by XRP’s choppy price action in the last week. The altcoin is now on a downtrend putting many traders on alert for a potential substantial price crash. However, despite the head-and-shoulders pattern, a bearish signal can only be confirmed when XRP breaks decisively below the neckline at $2.20. In this case, Martinez warns the crypto asset could fall as low as $1.20, representing a potential 50% fall from XRP’s local highs seen in February. In neutralizing this bearish projection, XRP bulls must provide enough market demand to push the coin past the right shoulder peak of $3.00, signaling momentum for a prolonged price uptrend. XRP Market Overview At press time, XRP trades at $2.34 following a 4.56% decline in the last 24 hours. However, its weekly chart reflects gains of 9.44% pushing the asset into minor monthly gains of 0.34%.  The fourth largest cryptocurrency has recently dipped below its 100-day Simple Moving Average correlating with fears of a sustained price fall. However, the XRP community remains largely bullish according to CoinMarketCap data. Related Reading: Bitcoin Price Forecast: LTF Head And Shoulders Pattern Predicts Crash Heres The Target Featured image from Bitcoin Sistemi, chart on Tradingview

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Inverse Head And Shoulders Breakout Suggests Bitcoin Price Is Headed To $300,000

The Bitcoin price action is showing strong bullish signals, as a rare Inverse Head and Shoulder pattern has just broken out and retested its neckline. This technical setup suggests that Bitcoin could be gearing up for a mega rally to $300,000 soon. Analyst Forecasts Bitcoin Price Reversal On Monday, crypto analyst Gert van Lagen took to X (formerly Twitter) to forecast an imminent Bitcoin price surge to $300,000. The analyst presented a detailed price chart depicting the formation of an Inverse Head and Shoulder pattern, showcasing its left shoulder, head, right shoulder, and neckline.  Related Reading: Bitcoin $166,000 Target Still In Play? The Extension That Determines Where Price Goes Next Based on his analysis on X, Lagen highlights that Bitcoin has successfully broken above the neckline of this technical pattern, confirming a possible bullish reversal. Specifically, the Inverse Head and Shoulder pattern is a classic technical indicator that signals a shift from a bearish trend to a bullish trend. The left shoulder of the pattern highlights a price decline followed by a temporary recovery. The head suggests a deep drop, marking the lowest point of the trend. The right shoulder indicates a smaller decline followed by a breakout above the neckline. Bitcoin broke above the patterns neckline around the $86,972 price point. Lagen has pointed out that a successful retest of this neckline could solidify Bitcoins bullish move. This is because, historically, once this pattern is confirmed, cryptocurrencies tend to witness significant upside momentum.  Based on the measured move of the Inverse Head and Shoulder, Lagen predicts that Bitcoin is on track to reach $300,000 this bull cycle. This would represent a whopping 258.4% increase from its current market price. The analyst also highlights a sell line between $340,000 and $380,000; here, traders are likely to exit or take profits.  Supporting this bullish outlook is a parabolic step-like formation on the Bitcoin price chart. Lagen revealed that this follows a series of formations from Base 1 to 4 before triggering an explosive price rally. Currently, Bitcoin has completed Base 3 and is entering its final parabolic phase. This technical formation aligns with the Elliott Wave theory that suggests that a strong Wave 5 could result in a significant price surge.  While the analyst is confident in his $300,000 Bitcoin price projection, he warns that it could be completely invalidated if BTC drops below $72,900 in the weekly timeframe. Furthermore, a break below this threshold could signal a deeper price correction and delay the rally. Update On BTC’s Price Analysis While analysts remain optimistic about Bitcoins future outlook, the cryptocurrency experiences bearish momentum. In just 24 hours, Bitcoin lost virtually all the price gains it had accumulated since President Donald Trump announced plans for a crypto reserve. Related Reading: Bitcoin Flag Pole Pattern Puts Price At $120,000, Analyst Explains The Roadmap The cryptocurrency was trading above $92,000 the previous day. However, Bitcoin has been down 9.18% in the last 24 hours and a whopping 16% over the past month, according to CoinMarketCap. This severe price decline has pushed the value of Bitcoin down to $83,699 as of writing. Featured image from Adobe Stock, chart from Tradingview.com

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Heres How High The XRP Price Would Be If It Flips Ethereums Market Cap

Recent data has shown what the XRP price would be if it flips Ethereums market cap. Such a development would also lead to a new all-time high (ATH) for XRP. Meanwhile, crypto experts have given their opinions on whether XRP could indeed flip Ethereum.  How High The XRP Price Would Be If It Flips Ethereums Market Cap MarketCapOf data shows that the XRP price could reach as high as $3.94 if it flips Ethereums market cap. This is significant as a rally to this price level would mark a new ATH for the asset.  Flipping ETHs market cap also means that XRP will become the second largest crypto by market cap.  Related Reading: XRP Price Continuation After Crash Below $2.4? New Targets Emerge The XRP price is already on the heels of the Ethereum price. It currently occupies the number four spot with a market cap of $135 billion while ETH boasts a market cap of $227 billion. Crypto analyst Egrag Crypto had previously predicted that the altcoin will flip ETH in this market cycle. In a recent X post, the analyst suggested that it will still likely happen.  He asserted that the XRP prices dominance is exhibiting tremendous strength as it is on the verge of closing above the 2021 high of 6%, surpassing Fib 0.5. The analyst added that a close above that level would be super bullish since Fib 0.5 is a critical level. Egrag Crypto predicts that the altcoin could surge straight to Fib 0.888 if it successfully closes above 0.5. He noted that this would align with the highs from 2015.  The analyst stated that this prediction for the XRP price isnt just speculation. He seems confident in this prediction because of the asset’s utility. While Egrag Crypto believes XRP could flip Ethereum, crypto expert Ansem argues that XRP can never flip Ethereum because its use cases cannot be compared to ETHs, which boasts a robust ecosystem.  The $2 Support Level In The Spotlight Crypto analyst Ali Martinez has again highlighted the importance of the $2 support level. He noted that the price is shaping up a head-and-shoulders pattern on the weekly chart, which spotlights the $2 support level, as holding this price level is crucial. His accompanying chart showed that XRP could drop to as low as $1.2 if it loses this support.  Crypto analyst Dark Defender also highlighted $2.04 and $2.22 as the critical support levels for the asset. He suggested that it was important for XRP to hold above these price levels as it eyes a rally to the upside targets at $4.2932 and $5.8563. A rally to as high as $5 could see it flip Ethereum, especially if the latter continues to underperform.  Related Reading: XRP Price Eyes 40% Gains, Analyst Reveals The Best Level To Buy And Hold At the time of writing, the XRP price is trading at around $2.3, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Medium, chart from Tradingview.com

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The Bear Signal That Suggests Another Bitcoin Crash Is Coming

Bitcoin has recently recovered above $40,000 to much fanfare from investors. This has been a long time coming given how low the digital asset had gotten following the market crash. It is a significant point to cross in the road to another bull rally. One thing though, is that the cryptocurrency still has a long way before it is back in bull territory, which market analyst Justin Bennett puts at the $45,000-$46,000 level. As the market tries to work its way towards this bull trend, there are also signals that suggest that a bull rally is not the only likelihood in the near future of the digital asset. In fact, bitcoin recently tripped a trigger that suggests that the market is likely to fall into another crash before bulls can take proper hold of the values. Bitcoin Falls Below 50-Day Moving Average Indicators like the moving average and simple moving average can often point investors and traders towards the next steps in the market. For the longest time, bitcoin continued to trade above its 50-day moving average, suggesting a continuation of the bull rally, which has mostly been the case. This time, however, the digital asset has not been able to hold above this important metric. Related Reading | Dave Portnoy Is Now A Bitcoiner, Thinks You’re An Idiot If You Don’t Hold Any For the first time in over a year, bitcoin has traded below its 50-day moving average. Now, this may not seem like a big enough deal to pay attention to given that the cryptocurrency just started to mark another bullish recovery trend. However, it becomes more pertinent data to look at when we take a look at what has happened historically when this happens. BTC falls below 50-day moving average | Source: TradingView.com Bitcoin has only traded below its 50-day moving average three times previously. Each time that this has happened, the outcome has always been the same; there is a crash. It followed this in 2014, 2018, and 2019. Once again, bitcoin has failed to trade above the 50-day moving average, and if history is any indicator, then BTC could very well be headed towards a price crash. Where Are The Points To Sell? For bitcoin and other cryptocurrencies, there is never a ‘perfect’ point to sell given that it is near impossible to predict where the market will swing. However, placing buys and sells between indicators can help one come close. Related Reading | Bitcoin Hits Two-week High Imitating The Stock Rally This trader expects the digital asset to see further downside before the bulls take over. This means that investors who do not wish to hold for the long term must decide the best points to offload their bags before bitcoin continues to decline. BTC selloff coming with breakout sellers | Source: TradingView.com The current head and shoulders pattern will see breakout sellers target the current bullish trend, making it short-lived. The time between when these sellers emerge and when the current bull run ends will be the sweet spot. From there, the imminent crash will see bears take over the market, and fast, too. BTC trading north of $42K | Source: BTCUSD on TradingView.com Featured image from Bitcoin News, charts from TradingView.com

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Bearish chart pattern hints at $70 Solana (SOL) price before a possible oversold bounce

A confirmed head and shoulders pattern on SOL’s daily chart points toward a drop to $70.

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Bitcoin Clinging To Support — Watch For This Key Pattern

Bitcoin down: As Bitcoin continues to cling to life support, signs emerge that a top might be in. But, there are also signs of key support.  Covered: Head And Shoulders A Broken Neck Bitcoin Down But Not Out Hope Is Not Lost Bitcoin Down: Head And Shoulders With Bitcoin’s failed break above the 50 Day […]

The post Bitcoin Clinging To Support — Watch For This Key Pattern appeared first on CryptosRus.

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Analyst Says SUI Price Could Fall To $1.6 Heres Why

The SUI price registered its best seven-day performance yet in 2025 over the past week. However, the altcoin has ended the week on the worst possible note, declining in value by almost 5% on Saturday, February 15th. What’s more worrying is the downward pressure appears not to be subsiding for the SUI token, with further losses seemingly on the way. According to popular crypto analyst Ali Martinez, the price of SUI could be on its way down to around $1.6. Here’s Why SUI Could Shed Over 50% In a Feb. 15 post on the X platform, Martinez shared an interesting analysis of the SUI price, shedding light on the altcoin’s current bearish setup. This downward prediction is based on the formation of a head-and-shoulders pattern on SUI’s 12-hour price chart. Related Reading: Uniswap Price Surges Past $10 Bullish Pattern Suggests Further 30% Gain The head-and-shoulders formation is a pattern in technical analysis marked by three distinct price crests (swing highs), including a higher head between two lower shoulders. This chart formation usually signals a possible bearish reversal a shift from an upward price trend to a downtrend. This trend reversal is only valid when the price successfully closes beneath the neckline, which is a trendline connecting the troughs (swing lows) between the head. Meanwhile, the price target is calculated by adding the difference between the swing low (either shoulder) and the swing high (the head) to the breakout point. As highlighted in the chart above, the SUI price seems to be approaching the neckline around the $3 region. Martinez noted that if the price of SUI successfully breaches and closes beneath this level, the altcoin could witness a correction to as low as $1.6. This represents an over 50% decline from the current price point. However, a successful price close above the right shoulder in the head-and-shoulders formation could invalidate the current bearish setup. Hence, investors could see the price of SUI resume its resurgence if it returns above the critical $3.7 level. SUI Price Surges 10% In Past Week After a blistering start to the new year, reaching a new all-time of $5.35 on January 4, 2025, the SUI token has since witnessed a severe market downturn. The top-20 cryptocurrency fell to a low of $2.73 in a market-wide correction triggered by new trade policies of US President Donald Trump. As of this writing, the SUI price stands at around $3.4, reflecting a 5% decline in the past 24 hours. However, the altcoin’s value is up by nearly double-digits (10.6%) in the weekly timeframe, according to data from CoinGecko. Related Reading: XRP Breaks Key Barrier, Surges Past 100-Day SMA And $2.7 Resistance Featured image from Investopedia, chart from TradingView

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Bitcoin Head and Shoulders Setup Raises Fears Of $80,000 Price Drop Details

Although Bitcoin (BTC) remains range-bound – trading between the $90,000 and $100,000 price levels – some crypto analysts predict that a price correction may be on the horizon due to a bearish head and shoulders pattern forming on the daily chart. Bitcoin To Drop To $80,000? Seasoned analyst and trader Aksel Kibar took to X to share his thoughts on the recent BTC price action. In his post, the chartered market technician highlighted a potential head and shoulders pattern forming on the daily BTC chart, with risk of the cryptocurrency dropping as low as $80,000. The analyst explained that the pullback could push BTCs price to the broadening pattern that completed with a breakout above $73,600. However, Kibar emphasized that the head and shoulders pattern must fully materialize for a significant pullback in BTC price to occur. He stated: Seeing it is not enough. It needs to materialize with a breach below the neckline. There are many cases of failed head and shoulders tops especially in steady uptrends well above the year-long average. Other crypto analysts have also shared similar bearish outlooks for Bitcoin’s price. For instance, technical analyst Ali Martinez identified $92,730 as a crucial price level for the top cryptocurrency. According to Martinez, losing this level could push BTC into “free fall territory,” based on UTXO Realized Price Distribution (URPD). Related Reading: Bitcoin Sell-Off Likely When This Metric Reaches 4%, Analyst Explains For the uninitiated, URPD is a metric that shows the distribution of Bitcoins Unspent Transaction Outputs (UTXOs) across various price levels, based on when they were last moved. Essentially, it helps identify price zones where significant BTC accumulation or spending occurred, providing insights into investor behavior and market sentiment. In addition, former Wall Street derivatives trader Tone Vays warned that BTC trading below the $95,000 price level would be “very, very bad” for the flagship digital asset. Similarly, renowned trader Peter Brandt recently highlighted the risk of BTC breaking down from a broadening triangle formation, potentially falling to the $70,000 level. While several analysts predict a potential price correction, others remain optimistic about Bitcoin’s long-term trajectory. Thomas Lee of Fundstrat Capital projected that BTC could surge as high as $250,000 by 2025. However, he acknowledged the possibility of a short-term correction to $60,000 early next year before Bitcoin enters a historic bull run. The Long-Term Bullish Case For BTC While BTC may indeed face a looming price correction according to some analysts, the long-term price projections remain overwhelmingly bullish. Crypto asset manager Sygnum posits that BTC may face demand shocks due to strong institutional interest in the asset, driving its price significantly higher. Related Reading: Bitcoin May Surge To $200,000 By Mid-2025 Amid Mild Price Pullbacks: Report Earlier this month, Ali Martinez highlighted the potential formation of a cup and handle pattern on BTCs chart. If this pattern plays out, it could trigger renewed bullish momentum for the digital asset. At press time, BTC trades at $94,149, down 2.5% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com

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Bitcoin Price At $321,000 This Cycle? Analyst Says Its The Math

Crypto analyst Tony Severino has provided an ultra-bullish outlook for the Bitcoin price, predicting that the flagship crypto could rally to as high as $321,000. The analyst admitted that this target was too high for BTC but added that it was simply the math. Bitcoin Price To Reach $321,000 In This Market Cycle  In a substack post, Tony Severino predicted that the Bitcoin price could rally to as high as $321,000 in this bull run. This came as the analyst highlighted a potential head and shoulders pattern that had formed on Bitcoins chart. The analyst claimed that if this bullish pattern was valid, then it projects a maximum target of $321,000 per BTC. Related Reading: Bitcoin Price Aims For $150,000-$170,000 With Wave Formation, Here Are The Details Severino admitted that this price target for the Bitcoin price is too high but remarked that its the math. Interestingly, the crypto analyst went on to give a higher price prediction for the flagship crypto based on another bullish pattern. According to him, BTC could reach $345,000 if it touches the upper boundary of the primary uptrend channel over the last 8 years or thereabouts. Meanwhile, Severino also provided more conservative targets for the Bitcoin price. The analyst predicted that BTC could at least touch $158,000. This came as he noted that the 2021 cycle peak inverse Fibonacci extension could project the 2025 cycle peak. If so, he stated that this peak inverse Fib extension is located among the lowest estimates for BTC at $158,000.  The crypto analyst further remarked that another method of using the 1.618 Fib extension involves projecting the target from the peak of wave 3 from the bottom of wave 1. Based on this, he added that this calls for a potential target of $194,000.  Severino provided another version that projects the 1.618 Fib extension from the top of subwave iii of 5 to the bottom of subwave i of 5. If this plays out, BTC could reach a slightly lower target of $186,000. Lastly, the crypto analyst also raised the possibility of the Bitcoin price peaking at $191,000. He highlighted a bull pattern, which, if valid, could send BTC to this target.  BTCs Price Action In The Short Term Crypto analyst Ali Martinez provided insights into the Bitcoin price action in the short term. In an X post, he stated that the key support level for Bitcoin is at $97,877, where more than 101,000 BTC were accumulated. The analyst further remarked that holding above this level is crucial to sustaining the bullish momentum for the flagship crypto.  Related Reading: This Analyst Correctly Predicted The Bitcoin Price Crash To $99,000, Heres Whats Supposed To Happen Next In another X post, the crypto analyst provided a bullish outlook for the Bitcoin price. He noted that the number of BTC transactions over $100,000 has doubled in the past week, rising from $15,620 to $32,320.  At the time of writing, the Bitcoin price is trading at around $104,300, down almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com

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Is It Time To Give Up On Ethereum Below $4,000? Analyst Weighs The Facts

Crypto analyst Ali Martinez has discussed Ethereum current price action as the second largest crypto by market cap remains below $4,000. The analyst outlined some facts to give a clearer picture of whether or not it is the right time to give up on ETH.  Analyst Discusses Whether It Is Time To Give Up On Ethereum In an X post, Ali Martinez outlined certain facts to determine whether it is time to give up on Ethereum. First, the analyst noted that ETH has been one of the weakest performers lately, a development that looks to have prompted Vitalik Buterin to shake things up by changing the Ethereum Foundations leadership team. Related Reading: Ethereum Gets Massive $12,000 Price Tag From Research Lead Ahead Of Major Upgrade Martinez then alluded to historical data showing that Ethereum performs well in the first quarter of each year. The analyst had previously hinted that this year is unlikely to be different. Back then, he noted that ETH delivers its strongest performance in Q1, particularly in odd-numbered years, and 2025 is one such year. Given Ethereums positive Q1 performance, Martinez remarked that this could explain why crypto whales have accumulated over $1 billion worth of ETH in the past week alone. He previously revealed that these whales had bought over 330,000 ETH, valued at over $1 billion.  Furthermore, the crypto analyst remarked that the buying pressure is also evident in the exchange outflows, with nearly $2 billion in Ethereum withdrawn from crypto platforms over the past month. Specifically, 540,000 ETH, worth $1.84 billion, were withdrawn from exchanges over the past month. This accumulation trend is a positive as it indicates investors are still bullish on ETH.  However, for Ethereum to break out bullishly, Martinez mentioned that it must overcome several key resistance levels. From an on-chain perspective, the crypto analyst highlighted the $3,360 to $3,450 zone as the major supply wall. This range is the most critical resistance level for ETH, while the key support zone is between $3,066 and $3,160.  From A Technical Analysis Perspective Martinez also provided insights into the Ethereum price action from a technical analysis perspective. He stated that ETH appears to be forming the right shoulder of a head-and-shoulders pattern, with a neckline of $4,000. He added that a decisive breakout above this level could fuel a rally toward $7,000. Related Reading: Ethereums Large Consolidation Trend Points To Possible Price Explosion To $8,000 The crypto analyst also revealed that this upside target aligns with the Ethereum 3.2 Market Value to Realized Value (MVRV) Pricing Band, which is currently hovering around $7,000. Amid this bullish outlook, Martinez mentioned that one concerning sign is Ethereums network growth, which has slowed down. The number of new ETH addresses is said to have declined by 9.32%, indicating reduced adoption.  Despite that, Martinez believes that Ethereums outlook is still bullish. He told market participants to keep an eye on the $2,700 to $3,000 support zone. According to him, this demand zone must hold to maintain ETHs bullish outlook.  At the time of writing, Ethereum is trading at around $3,200, down 4% in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com

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