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Home»ALTCOIN NEWS»Crypto Trader Says Ethereum Is On The Verge Of Breakout, Updates Outlook On Bitcoin And One DeFi Altcoin
ALTCOIN NEWS

Crypto Trader Says Ethereum Is On The Verge Of Breakout, Updates Outlook On Bitcoin And One DeFi Altcoin

By Crypto FlexsAugust 29, 20243 Mins Read
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Crypto Trader Says Ethereum Is On The Verge Of Breakout, Updates Outlook On Bitcoin And One DeFi Altcoin
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A prominent crypto analyst has updated his outlook for Bitcoin (BTC) and decentralized finance (DeFi) altcoin Maker (MKR), saying Ethereum (ETH) is headed for a bullish turn.

Cryptocurrency trader Ali Martinez told his 69,000 followers on social media platform X in a new strategy session that the number one smart contract platform by trading volume appears ready to break out of its ascending triangle pattern, but has turned bearish.

“Ethereum is trying to break out of the ascending triangle, which could lead to a drop to $2,430. However, if ETH closes above $2,560, this bearish outlook will be invalidated.”

Source: Ali Martinez/X

At the time of writing, Ethereum is trading at $2,582, up 4% over the last 24 hours.

Let’s talk about the big cryptos. Martinez said that the Tom DeMarc Sequential Indicator (an indicator that traders use to identify reversal points in an asset) appears to be sending a sell signal on the hourly chart of BTC, indicating that a price correction could be imminent.

The strategist noted that BTC’s market cycle has been bullish and bearish several times since August, and has recently taken a bearish turn.

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Source: Ali Martinez/X

At the time of writing, Bitcoin is trading at $60,742, up 4% over the past day.

Concluding his analysis of Maker, the issuer of the stablecoin DAI, Martinez said the DeFi platform is likely to collapse despite its recent rebrand.

“It looks like MakerDAO has rebranded to SkyEcosystem, but it is doubtful that this move will change the current outlook. The daily chart still shows a bear flag with MKR’s expected target at $1,290.”

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Source: Ali Martinez/X

MKR is trading at $1,827 at the time of writing, down 1.4% over the last 24 hours. A decline to Martinez’s predicted price tag would see MKR down about 30% from current levels.

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

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