Ethereum is trading at a critical demand level following an 11% pullback from recent local highs. This dip has analysts and investors on edge, as losing this level could trigger a wave of aggressive sell-offs, potentially driving ETH prices lower.
Amid this concern, however, prominent analyst Ali Martinez has shared an optimistic technical analysis, highlighting a strong risk-to-reward setup on the Ethereum chart. According to Martinez, the current level offers a compelling entry point, suggesting that Ethereum could see a significant upside if it holds support.
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The timing of this potential rebound is especially noteworthy with the US election tomorrow, an event that could heavily influence broader market sentiment. Many in the crypto community anticipate that election outcomes will set the stage for a new rally, with Ethereum positioned to capitalize if bullish momentum returns.
In the coming days, all eyes will be on whether ETH can defend this demand zone, as its performance could either validate or challenge the prevailing bullish expectations across the market. For now, Ethereum’s price level remains pivotal, and the market is closely watching for signs of direction amid the election and broader economic uncertainties.
Can Ethereum Hold Above Key Demand?
Ethereum is trading at a pivotal support level of around $2,450, which many analysts view as a critical “last line of defense” for bulls. Ethereum could experience a deeper decline if this level fails, potentially putting it at risk of underperforming against competitors like Solana or Bitcoin, which have recently shown more relative strength.
Investors share this concern and are closely watching ETH’s movement as it teeters on the edge of this crucial support.
However, top crypto analyst Ali Martinez has presented a more optimistic perspective on X, suggesting that Ethereum may be poised for a significant recovery. In his recent technical analysis, Martinez emphasized that the current risk-to-reward ratio for ETH is highly attractive for a long position, especially for those with a longer-term outlook.
He disclosed that he had set a stop-loss below $1,880—a level limiting downside risk—while targeting an ambitious price of $6,000. This target represents a potential 145% rally from current prices,…
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