Based on a pattern forming in Ethereum's 12-hour price chart, analyst Ali Martinez discusses the potential direction for Ethereum. The pattern is an Ascending Parallel Channel, indicating consolidation towards a net upside. The upper line of the pattern serves as resistance, while the lower line acts as support. The analyst suggests that if Ethereum holds above $2,500, it could rebound towards $4,000 or even $6,000. However, if $2,500 fails as support, the next target could be $1,700, representing a decrease of over 39%. Ethereum is currently trading around $2,800.



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