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Widely followed crypto analyst Ali Martinez says that one historically accurate signal is once again flashing bullish for Ethereum (ETH).
Martinez tells his 74,000 followers on the social media platform X that ETH may soar to new all-time highs (ATHs) after retesting the lower bound of an upward channel on the weekly timeframe.
“Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for Ethereum. If this pattern holds, a similar move could push ETH to $6,000 – provided the key $2,300 support level stays intact.”
Ethereum is trading for $2,593 at time of writing, down more than 1% in the last 24 hours.
Next up, the analyst says that Bitcoin (BTC) may be gearing up for an explosive rally after breaking out of the 200-day moving average.
“The last three times Bitcoin broke above the 200-day moving average, we saw parabolic bull runs! Now, BTC is attempting to break through this hurdle once again.”
Bitcoin is trading for $66,823 at time of writing, up more than 1% in the last 24 hours.
Lastly, the analyst predicts a market correction for Solana (SOL) competitor Sui (SUI) based on the Tom DeMark (TD) Sequential Indicator.
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.
“I’m not saying go and short SUI. I’m just saying, be careful! The TD Sequential has been spot on in predicting SUI’s trend on the weekly chart, and it’s now flashing a sell signal.”
Sui is trading for $2.01 at time of writing, down 10.4% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/vvaldmann
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