A crypto analyst says Ethereum is too good to pass up at the moment based on technical analysis pointing to a rather promising risk-to-reward ratio.
A well-known on-chain strategist believes that Ethereum (ETH) presents an attractive risk-reward scenario.
Analyst Ali Martinez shared with his 76,900 followers on X that ETH appears to be forming a bullish ascending channel on the weekly chart.
He stated, “The risk-to-reward ratio for a long position in Ethereum is too favorable to ignore! I’ve placed my stop-loss just below $1,880 and I’m targeting $6,000.”
According to Martinez’s analysis, ETH is currently maintaining the lower trend line of the ascending channel as support and may soon test the upper boundary around $6,100.
In contrast, crypto trader Benjamin Cowen, with 819,000 subscribers on YouTube, warns that based on historical patterns, Ethereum often bottoms out in the fourth quarter.
He predicts that ETH could drop to its logarithmic trendline, possibly as low as $1,000.
“Looking at the cycle, I see ETH at $2,400 and believe there’s a high probability that in less than two months, we’ll look back and see Ethereum finally returned to its trend, likely in Q4 of 2024.”
Cowen pointed out that in previous years, Ethereum entered the lower logarithmic correction trendline in mid-November 2016 and late September to October in 2019.
As of now, ETH is trading at $2,563, reflecting an increase of 6% over the past 24 hours.
Additionally, the analyst noted that Dogecoin (DOGE) is indicating a potential bullish reversal on the TD Sequential indicator, which traders use to forecast possible trend changes based on the closing prices of previous candles.
“The TD Sequential indicator has signaled a buy on the four-hour chart for Dogecoin! If DOGE stays above the $0.141 support level, we could see a bounce back to $0.162.”
Martinez also mentioned that if DOGE manages to flip the $0.169 resistance into support, the next target could be a significant increase.
“If Dogecoin breaks above the $0.169 resistance, we might witness a 27% rally up to $0.209!”
DOGE is currently trading at $0.1912 at the time of this writing.
Read Daily Crypto News for more news and updates like this.
Follow us on CoinMarketCap.
Also Read: Trader Now Predicts A Massive Breakout For An Ethereum-Based Altcoin
Share this article on your favorite platform.
About The Author
Leave your thoughts below.
Visit Daily Crypto News – https://franknez.com/daily-crypto-news/ for more updates.