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Analyst Warns for That Altcoin: Point of No Return!

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Bitcoin price experienced a momentary drop below $59,000 last night. Despite this, the leading altcoin Ethereum managed to register a slight increase. This led to an intraday doji candle. Will this recovery hope continue as Vitalik Buterin and his Ethereum foundations continue to sell ETH? An experienced analyst draws attention to a critical level for Ethereum. The analyst suggests that its violation would have dire consequences for the leading altcoin.

Analyst highlights Ethereum’s point of no return!

cryptokoin.comAs you can see from , morale is not good in the crypto market. Market players have not yet found what they expected from ‘Uptober’, which they were hoping for. In addition, warnings continue to come that there will be a further decline. Crypto analyst Martinez highlights significant support for leading altcoin Ethereum at around $2,250. Significant support comes with analysis of Ethereum along with the TD setup. According to the indicator, Ethereum price is following a strong bull run whenever it breaks above the TD resistance trend line.

However, when TD falls below the support trend line, an average correction of 53% occurs. The average TD support trend line currently stands at $2,250. Therefore, according to the analyst, a break below this is possible to cause a major correction. Sharing this analysis again, Martinez underlines the analysis with the title “Now it is clear why Vitalik Buterin and the Ethereum Foundation are selling.” With such a headline, it emphasizes that the possibility of a drop below $2,250 in Ethereum increases.

Altcoin technical analysis and price targets

According to analysts, in the event of a comeback rally, overhead resistances for ETH in the near term lie at $2,425 and local resistance at the trend line. Based on Fibonacci levels, the breakout rally is likely to push the 50% level at $2,520 or the 78.60% level at $2,624. In case of a downside break, the next support levels exist at $2,300 and $2,200.

On the 4-hour chart, the bearish trend in ETH price action reveals a triangle pattern. Currently, the altcoin price is testing the waters near the support trend line. Additionally, it is teasing a bullish reversal. Additionally, a rejection low near the $2,300 support and the local support trend line increases the possibility of a bullish reversal. The 4-hours RSI line is showing a bullish trend between two recent declines near the $2,340 mark. He also predicts a potential double bottom reversal.

ETH price analysis. Source: Tradingview

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