Crypto trader and analyst Ali Martinez says Ethereum (ETH<\/a>) is dangerously close to a major support level.<\/p>\n Martinez tells<\/a> his 123,000 followers on the social media platform X that Ethereum could plunge approximately 39% from the current level to a price of $1,700 if the support level at around $2,500 fails.<\/p>\n ETH is worth $2,712 at time of publishing.<\/p>\n Martinez\u2019s chart suggests Ethereum is slightly above the lower trendline of an ascending channel pattern on the 12-hour time frame. While an ascending channel pattern is generally considered a bullish signal, a breakout below the lower trendline suggests a bearish reversal.<\/p>\n The crypto trader, however, says that if the $2,500 support level holds, Ethereum could appreciate by up to 117% from the current level.<\/p>\n \u201cIf Ethereum holds above $2,500, it could rebound toward $4,000 or even $6,000.\u201d<\/em><\/p>\n Next up is the native token of the layer-1 blockchain Avalanche (AVAX<\/a>). Martinez says<\/a> that AVAX could fall by around 22% from the current level after breaking down below the lower trendline of a symmetrical triangle.<\/p>\n Symmetrical triangles are either bullish or bearish depending on whether the price breaks out or breaks down \u2013 a breakout above the upper trendline suggests bullish potential while a breakdown below the lower trendline suggests the opposite.<\/p>\n AVAX is trading at $25.68 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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<\/center><\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n
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