Ethereum Poised for Breakout, Bitcoin and DeFi Altcoin Outlook Revised by Crypto Trader

A prominent crypto analyst suggests that Ethereum (ETH) is poised for an upward momentum shift as he revises his assessments of Bitcoin (BTC) and Maker (MKR) decentralized finance (DeFi) altcoin.

In a recent strategic evaluation, crypto trader Ali Martinez shared with his 69,000 followers on X, a social media platform, that the leading smart contract platform by volume seems prepared to break out of its ascending triangle formation but might face a subsequent decline.

“Ethereum could potentially break out of an ascending triangle, leading to a dip towards $2,430. However, this bearish scenario could be invalidated if ETH manages to close above $2,560.”

The current trading price for Ethereum stands at $2,582, reflecting a 4% increase over the past 24 hours.

Shifting focus to Bitcoin, Martinez highlights that the Tom DeMark Sequential Indicator, a tool used by traders to pinpoint potential reversal points for assets, is signaling a sell indication on BTC’s hourly chart, hinting at a possible upcoming price correction.

The analyst further observes that Bitcoin’s market cycle recently turned bearish after oscillating between bullish and bearish phases since August on multiple occasions.

Bitcoin is currently trading at $60,742, showcasing a 4% surge within the last day.

Concluding his analysis with Maker, the provider of the stablecoin DAI, Martinez expresses skepticism about the DeFi platform’s future despite its recent rebranding.

“It appears that MakerDAO has rebranded to SkyEcosystem, but I have doubts about this move altering its current trajectory. The daily chart still displays a bearish flag with a projected target of $1,290 for MKR.”

At the time of writing, MKR is trading at $1,827, marking a 1.4% decrease in the past 24 hours. A decline to Martinez’s predicted price level would signify about a 30% drop from MKR’s current valuation.