Analyst Ali Martinez predicts Ethereum’s fall to $ 1000

A well-known cryptocurrency analyst Ali Martinez, known on Twitter as Ali charts, has published a negative forecast for the future course of the market’s main altcoin.

According to Martinez, ethereum has a good chance of falling to $ 1000 in the near future. The expert analyzed the state of affairs on the ETH chart against the USD and spoke about the negative consequences that investors may face.

According to Ali Martinez, the ETH rate may continue to fall due to the recent collapse of cryptocurrency market quotes. A decline in the price of ethereum in the range of $ 1550 to $ 1600 could «pave the way for a significant correction.» If this happens, a 37%-45% collapse of ETH and a target level of $ 1000 are likely in the coming months, the analyst explained.

The expert also emphasized that the key indicators of the Ethereum network are «in a deplorable state.» This clearly indicates a bearish trend. According to Martinez, the average monthly number of active addresses was lower than the annual average, indicating a decline in user interest. This is a classic sign of a weakening blockchain state and a signal that ETH quotes will continue to fall.

The expert also spoke about the state of affairs of BTC. Ali charts noted that every time bitcoin quotes «break through the 200-day SMA,» the rate falls to the level of the realized price. According to data as of August 21, 2023, this figure is currently around $ 20,350. Thus, the expert suggested that in case of negative developments in the near future, we should expect a serious correction in the crypto market.