Ethereum Prepares For Potential Rally To $6,000, Analyst Says

Quick Summary:

Notably, Ethereum slipped to around $2,410 on Friday and has since remained in this price zone following a recent rejection at $2,500. According to Ali Martinez, ETH must maintain support at $2,400 to avoid breaking an ascending channel that stretches as far back as July 2023.#Ethereum is testing a key support zone at $2,400.

Related Reading: Ethereum Underperforming, Don’t Blame The Network Or Leadership: Here’s Why Ethereum Now At Critical Support Zone – Here’s Why In an X post on Saturday, Martinez shares that Ethereum is currently testing a key support level at $2,400.

To avoid significant losses in this high "risk to reward” situation, Ali Martinez has advised traders to put a stop loss between $2,150 – $2,300.  Related Reading: Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible?

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: United Kingdom

Topics: Ethereum Coinbase premium index Ethusd ETHUSDT Ethereum Ali Martinez

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-27 @ 13:30:32 (1 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 421 words

Reading Time: 3 minutes read

Sentences: 64 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 23265170

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