According to an analyst who is closely monitoring the market, Ethereum (ETH) is poised for a rally soon. This prediction is based on a bullish signal that appeared on the high time frame chart for the second-largest cryptocurrency.
Ali Martinez, a prominent figure with a following of 40,700 on the social media platform X, has announced that ETH has successfully broken out from an ascending triangle pattern on its weekly chart. Despite experiencing some short-term volatility, the cryptocurrency is still aiming for a target price of $3,400 according to Martinez.
In technical analysis, an ascending triangle is a pattern characterized by two or more equal highs and a series of higher lows. This pattern is generally seen as a positive indicator for future price movements, indicating a bullish trend.
Ethereum is trading at $2,517 at the time of writing.
According to Martinez, the Tom DeMark (TD) Sequential indicator has recently generated a buy signal for Dogecoin (DOGE), a popular meme-based asset. The TD Sequential indicator is utilized by traders to anticipate possible trend reversals by analyzing the closing prices of the preceding 13 bars or candles.
Says Martinez:
“As long as the $0.074 support cluster continues to hold, DOGE has a great chance of rebounding to $0.100 or higher!”
DOGE is trading at $0.080 at the time of writing.
Regarding Bitcoin (BTC), Martinez observes that the BTC Miners' Position Index (MPI) reached a peak of 9.43 on January 12th.
"This indicates miners moved more BTC than usual, hinting at potential sales. Despite a recent BTC price correction, stay vigilant – further miner selling could drive prices further down!”
The BTC Miners' Position Index (MPI) is a metric that provides valuable information about whether BTC miners are selling or holding onto their coins. It is calculated by dividing the total value of all miners' outflows in US dollars by the 365-day moving average.
BTC is trading at $42,821 at the time of writing.
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WeatherlyDOGE whales' increased activity may boost its market. Currently at $0.1492, DOGE shows stability. Key moving averages: 50-day EMA resistance at $0.1652, 100-day EMA support at $0.1434, and 200-day EMA at $0.1237. RSI at 46 indicates neutral sentiment. Surge in large transactions suggests strategic moves by whales. Bullish scenario: Whale activity may push DOGE above $0.1652, targeting $0.18 and $0.20. Bearish scenario: Selling pressure may test supports at $0.1434 and $0.1237.
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