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While the decline in Bitcoin and altcoins continued to deepen in the last two days, investors' eyes turned to when the rise would come again.
While many analysts have different predictions on this subject, the last prediction came from analyst Ali Martinez, whom investors follow closely.
Evaluating Bitcoin first, the analyst said that the four-hour 200EMA level (about $67400) is very important for BTC.
Stating that the 200EMA level is a great support for BTC, the analyst claimed that Bitcoin will recover if it holds this level, and if it cannot maintain it, further declines will follow.
“The 200EMA on the four-hour Bitcoin chart has been a formidable support. It has prevented BTC from falling further since early February.
That's why I attach great importance to this level because if it holds it guarantees a recovery, but if it breaks like in mid-January there could be more losses for BTC.”
Ethereum Bulls Must Continue the Fight!
While the altcoin market, including Ethereum, is also affected by the decline in Bitcoin, ETH continues to show a downward trend.
Stating that at this point, $ 3,460 is the okay or continue level for ETH, Martinez said that if there is a drop below this level, ETH may correct to $ 2,850 or lower levels.
“Ethereum falling below $3,460 is a problem for the bulls!
“Given the lack of support in ETH, there are increasing chances of ETH making another correction towards $2,850 or lower.”
While Ethereum continues to trade at $ 3,301 at the time of writing, the price has fallen below $ 3,460, which the analyst sees as critical. At this point, time will tell whether the decline in ETH will extend to $2,850 and even lower.
*This is not investment advice.