Interestingly, the close correlation between Ethereum and Bitcoin has been evident, where changes in one frequently impact the other.
In another tweet, Martinez pointed out that Bitcoin’s potential 5% correction to $33,000, driven by its formation of an ascending triangle on the hourly chart, a move that could trigger a similar selloff in Ethereum.
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Adding to Martinez’s views, crypto analyst ‘Cryptotony’ also presented a bearish perspective on Ethereum, telling his 346,000 X followers that the cryptocurrency might gain momentum and test the $2,500 resistance zone before entering a distribution phase and possibly decline leading up to the next halving event.
Ethereum’s Crucial Test: $1,960 and 33M ETH Resistance,Ethereum’s Crucial Test: $1,960 and 33M ETH Resistance
Another analyst, ‘Cryptonary,’ emphasized the significance of Ethereum’s ongoing test, stating that it was crucial to determine whether the bulls could break through the resistance at $1,960 or if Ethereum would echo Bitcoin’s overbought signals.
Notably, the pundit’s technical analysis revealed that Ethereum had been oscillating between support at $1,745 and resistance at $1,823-$1,853, with no clear breakout yet.
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Additionally, he noted that the daily Relative Strength Index (RSI) was overbought but not as extended as Bitcoin’s.
Ethereum’s Crucial Test: $1,960 and 33M ETH Resistance,Ethereum’s Crucial Test: $1,960 and 33M ETH Resistance,Ethereum’s Crucial Test: $1,960 and 33M ETH Resistance, Ethereum coin Crypto news, Ethereum coin News