While Bitcoin had a good start to 2024, it exceeded $45,000. While altcoins are also mobilizing along with BTC, investors are wondering whether the rise will continue.
At this point, popular cryptocurrency analyst Ali Martinez examined Ethereum and the popular altcoin Chainlink (LINK), which has attracted attention with its recent rise, in his analysis.
“Price Targets for Ethereum are $3,830 and $5,100!”
Ali Martinez, who first examined Ethereum, used MVRV pricing bands for ETH price prediction.
Based on the MVRV bands, he said the next price targets for ETH are $3,830 and $5,100.
“ Based on MVRV Pricing Bands, the next key price targets for ETH are $3,830 and $5,100.”
Ethereum continues to trade at $2,412 at the time of writing.
According to the #Ethereum MVRV Pricing Bands, the next key price targets for $ETH are $3,830 and $5,100! pic.twitter.com/cLo4crWkPF
— Ali (@ali_charts) January 1, 2024
“Chainlink is Ready for Ascension!”
Secondly, the analyst who examined Chainlink claimed that LINK exhibited signs of bull pennant formation.
The analyst said that LINK could experience a breakout, especially if there is a clear close above the $17.2 level.
According to Martinez, such a close could act as a catalyst pushing the LINK price towards the $34 price level.
Martinez still warned investors to be careful and said that the $14.2 level is important for LINK.
“Chainlink is showing signs of a bull pennant formation. A clear close above $17.2 could be the catalyst for a breakout and potentially push LINK towards $34.
However, keep an eye on the $14.2 level; “A drop below $14.2 could invalidate the current bullish outlook for LINK.”
LINK continues to trade at $15.96 at the time of writing.
#Chainlink shows signs of a bull pennant formation. A decisive close above $17.2 could be the catalyst for a breakout, potentially propelling $LINK toward $34.
However, keep an eye on the $14.2 level – a drop below this could invalidate the current bullish outlook for #LINK. pic.twitter.com/N9e6peREPn
— Ali (@ali_charts) January 1, 2024
*This is not investment advice.
