Ali Martinez, a widely respected crypto analyst, says Ethereum (ETH), if a critical support level is broken may experience another correction.
Martinez told his 74,000 social media followers that the $2,300 price point, or a 7% drop from current prices is an important level to maintain for ETH bulls.
Martinez shows a chart called In/Out Of The Money Around Price. This chart aims to display addresses which are either profiting or breaking even on their position (at the Money).
If this demand zone fails, it could lead to a sell-off as investors might look to minimize losses. This demand zone could fail, leading to investors selling their ETH to reduce losses .”
Ethereum currently trades at $2.447.
Martinez, after correctly predicting the correction of Bitcoin (BTC) to $57,000 level is anticipating the break toward the $78,000 mark.
Martinez, however, warns of a possible increase in volatility due to the increased leverage in Bitcoin on cryptocurrency exchanges.
This means that more people have been borrowing money to place larger bets. It’s crucial to remain cautious because this can lead to big price fluctuations.
Bitcoin currently trades for $62 803 at the time of this writing.
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The post Ethereum Sell-Off Could Happen if 2,400,000 Wallets Fail to Purchase ETH in Demand Zone may change as new information becomes available.
