Popular cryptocurrency analyst Ali Martinez evaluated Bitcoin and Ethereum in his latest statement and shared some levels that he thought were extremely critical.
According to the analyst, Bitcoin, which was trading around $68,500 at the time this article was written, found a strong ground for itself at $68,300, but if this level is broken, the new support point may be found between $65,250 and $63,150. The analyst announced that 760,000 wallets held a total of 520,000 BTC at these support levels.
However, speaking about the bull scenario for Bitcoin, the analyst said that if $ 70,320 turns into a support, the next upward cycle in BTC price may begin.
Ali Martinez, who also made a statement about Ethereum in addition to BTC, said that the cruelest scenario for ETH would be to break the $ 3,400 support level at the current level of $ 3,428. According to the analyst, in such a case, ETH will have completed the bear pennant formation on its daily chart and could trigger a major correction movement towards $ 2,800.
Stating that the second quarter of the year has been historically bullish for ETH, the analyst stated that the possibility of the SEC postponing the Ethereum Spot ETFs should also be considered and that turbulence may occur in the market in such a scenario.
*This is not investment advice.
