Ali Martinez: Ethereum could rise to $ 6000 or fall to $ 1700

Technical analyst Ali Martinez shared his forecast for the future movement of the Ethereum price ETH $2,774.85 Bridged Ether (StarkGate) 2.63% Market capitalization $0.24 billion VOL. 24 hours $1.85 billion . According to him, if ETH stays above the $ 2500 level, a rebound to $ 4000 or even $ 6000 is possible. However, if the support at $ 2500 is broken, the next target will be $ 1700.

Martinez emphasizes that regardless of whether Ethereum is an inflationary or deflationary asset, the key factor is the ability to hold this support level. He notes that about 12.18 million wallets have purchased approximately 63 million ETH at this level, making it critical.

The analyst also notes that capital continues to flow from Bitcoin and Ethereum to stablecoins, and there are no signs of an «altcoin season» yet.

According to the Coin MarketCap analytical tracker, at the time of writing, the leading altcoin is trading at $ 2,733, a drop of more than 3.5% per day. The total amount of coins circulating on the market is $ 329.4 billion, and traders have made daily trading deals worth $ 30 billion.