Ali Martinez, one of the most well-known analysts in the cryptocurrency world, discussed the latest situation of the market in his statement.
The analyst recently reported that the Ethereum price continues its downward trend, with the key support level zone located between $2,300 and $2,380, where 1.62 million addresses purchased more than 50 million ETH.
In addition, Martinez claimed that on the Ethereum side, the TD Sequential indicator has given a bearish signal on the hourly chart of ETH, which could lead to a correction movement of one to four candles.
On the other hand, for Bitcoin, Martinez said that the transitions from bull markets to bear markets in BTC cycles occur when the MVRV value falls below the 1-year simple moving average. Stating that the fall below this value occurred when the BTC price fell below $ 61,500, the analyst argued that many traders bought large amounts of BTC above this level and that they were currently at a loss, potentially leading to a heavy distribution.
Martinez added that capital flows for Bitcoin and Ethereum have fallen from $20 billion to $14 billion in the past two weeks.
*This is not investment advice.