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Ethereum Teeters on Critical Support, Risks Likely 53% Correction if $2,250 Breaks

Author: Content Editor
The recent relief rally in the crypto market has put Ethereum (ETH) at a crucial point, according to renowned analyst Ali Martinez. On-chain indicators suggest that Ethereum is on the verge of a significant price movement. Martinez highlighted Ethereum's price history, noting that when it breaks above the resistance trendline, marked in red, ETH enters a strong bull run, leading to substantial gains. However, when it breaks below the support trendline, marked in green, a sharp correction tends to follow. ETH is currently hovering near the $2,250 support level, and if it fails to hold above it, a steep drop similar to previous corrections could occur. Martinez emphasizes that this support level is critical as it is where a larger pool of investors entered the market, and a failure at this level could trigger a sell-off due to limited support against selling pressure. At the time of writing, Ethereum is trading at $2,425, showing a slight improvement.

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