Cryptocurrency analyst and trader Ali Martinez believes Ethereum (ETH) is primed to depreciate massively against Bitcoin (BTC).
Martinez tells his 134,700 followers on the social media platform X that Ethereum is forming a bearish pattern against Bitcoin on the monthly chart.
According to Martinez, Ethereum could plummet by 91% from the current level.
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Based on an inverted chart of the ETH/BTC pair, the analyst appears to be suggesting that the pair is forming a double-top pattern or an M pattern on the monthly time frame. A double-top pattern is a bearish reversal pattern.
“From this angle, the ETH/BTC trading pair could be heading to 0.0020 BTC!”
Source: Ali Martinez/X
Ethereum is trading at 0.02205 BTC ($1,866) at time of writing.
Citing data from crypto analytics
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