A popular on-chain strategist says Ethereum (ETH) is demonstrating a great risk-reward ratio setup.
Analyst Ali Martinez told his 76,900 followers on social media platform
“Ethereum’s risk-reward ratio is too good to abandon a long position! I have set a stop below $1,880 and am aiming for a target of $6,000.”
Looking at his chart, the analyst suggests that ETH is holding the lower trend line of the rising channel as support and could soon retest the upper limit around $6,100.
However, fellow cryptocurrency trader Benjamin Cowen told his 819,000 YouTube subscribers that he expects ETH to fall into a logarithmic trendline, potentially as low as $1,000, based on the historical pattern of Ethereum bottoming during the fourth quarter.
“If you look at the cycle, you see ETH at $2,400 and I think there’s a really good chance that in a few months, maybe less than two months, we’ll look back at that and Ethereum will finally see a downtrend. It took until the fourth quarter of 2024 to return home…
In 2016, we see that Ethereum finally entered the lower logarithmic adjusted trendline, basically in early to mid-November. “In 2019, we got into August, but then we got above that level again and didn’t stay there until almost the end of September and into October.”
ETH is trading at $2,409 at the time of this writing, down 2.1% in the last 24 hours.
Next, the analyst says Dogecoin (DOGE) is sending a bullish reversal signal on the TD Sequential indicator, which traders use to predict a potential trend reversal in the token based on the closing prices of the previous 9 or 13 bars or candles.
“TD Sequential indicator has sent a buy signal on the Dogecoin 4-hour chart! If DOGE stays above the $0.141 support, it could rebound to $0.162.”
He also suggested that the next resistance level will be seen once DOGE turns the $0.169 level into support.
“If Dogecoin DOGE breaks the $0.169 resistance, we could see a 27% rise to $0.209!”
At the time of writing, DOGE is trading at $0.162, up 7.4% in the last 24 hours.
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