The cryptocurrency market is struggling to gain new momentum. There was a change in the front row of the league today. Leading altcoin Ethereum rival Solana overtook Ripple and placed in fifth place. On the other hand, Ethereum cannot find its momentum. However, a seasoned crypto analyst says leading smart contract platform Ethereum is setting the stage for an explosive rally. On the other hand, he mentions a significant obstacle for LINK.
Analyst predicts a 60% boom for the leading altcoin!
cryptokoin.comAs you’ve been following from , the market is struggling to break free from bear dominance as we approach the end of the year. However, the leading altcoin Ethereum remains relatively calm. However, this may be about to change! Veteran crypto analyst Ali Martinez says ETH could rise more than 60% from its current value after a period of accumulation in which people increasingly start buying the asset. In this context, the analyst makes the following statement:
Ethereum is currently retesting the breakout zone from an ascending triangle. This indicates that preparations are being made for further escalation. The price range between $2,150 and $1,900 could be the ideal zone for accumulation before ETH moves to a higher target of $3,500.
Looking at its chart, using Fibonacci retracement levels, the analyst predicts that the leading altcoin could break out of the ascending triangle price pattern and surpass the $3,372 level. Meanwhile, Ethereum has seen a 1% decline in the last 24 hours. The token is trading at $2,228 at the time of writing.
This level is critical for LINK at $20!
The analyst then looks at the decentralized oracle network Chainlink (LINK). It uses the Out-of-Profit Around Price (IOMAP) metric, which classifies crypto addresses as profit-making, tie-breaking, or money-losing, to identify a key resistance level for LINK. The analyst shares the following assessment for LINK:
Are you waiting for $20 Chainlink? First, there is a big hurdle to overcome at $15. Here, 19,000 addresses hold approximately 73.6 million LINK. Breaking this resistance is key. Once this resistance is overcome, LINK may be well positioned to continue its rise.
Meanwhile, LINK was trading at $14.89 at the time of writing, up 0.83% on a daily basis. Therefore, Chainlink remains just below the critical level stated by the analyst.
Two critical levels for Bitcoin
Finally, the analyst warns that Bitcoin (BTC) has formed a descending triangle price formation. He says he’s keeping a close eye on two key targets to determine which direction Bitcoin might make a big move. In this regard, the analyst draws attention to the following levels:
Bitcoin is forming a descending triangle on the hourly chart. Key levels of focus? $41,900 and $40,700. A decisive close above or below this range could trigger a sharp BTC price movement of 8% to 9% in the corresponding direction.
Meanwhile, Bitcoin was trading at $43,800 at the time of writing, down 0.95% in the last 24 hours.
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