Ethereum Faces Rough Weather If It Dips Below This Vital Level, Warns Analyst: 'Given The Lack Of Support...'
Portfolio Pulse from Benzinga Neuro
Cryptocurrency analyst Ali Martinez warned of a potential further correction for Ethereum (ETH) if it drops below $3,460, citing a lack of support that could lead to a decrease towards $2,850 or lower. This comes after Ethereum and other major cryptocurrencies began Q2 with significant market corrections. Despite a year-to-date gain of over 48%, Ethereum's recent price action has been negative, with a 4.6% drop over the last 24 hours to $3,388.35.
April 02, 2024 | 7:34 am
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Ali Martinez's warning about Ethereum potentially dropping further if it falls below $3,460 could lead to increased selling pressure and a short-term price decline.
Martinez's analysis and the recent price action suggest a bearish outlook for Ethereum in the short term, especially if it breaches the $3,460 support level. Given Ethereum's significant role in the cryptocurrency market, such predictions can influence investor sentiment and lead to a decrease in price.
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IMPORTANCE 90
RELEVANCE 100