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26/05/26 13:59 UTC-04

Ali Martinez Names Critical Support Level for Ether

On-chain analyst and trader Ali Martinez has named $1,850 as a critically important support level for ether. Losing this price level could push the second-largest cryptocurrency by market capitalisation first down to $1,560 and then to $1,070.

Martinez’s statement came against the backdrop of Ethereum co-founder Vitalik Buterin’s announcement of a new strategy for the Ethereum Foundation. The developer said that the Ethereum Foundation controls around 0.16% of the total ether supply and that the foundation needs to reduce its involvement in the ecosystem, focusing on the most important areas of blockchain development.

Martinez believes that statements by representatives of the Ethereum Foundation contrast with market dynamics: while the foundation is “searching for identity”, the price of ether continues to remain under pressure.

According to the on-chain analyst, for the upward trend to return, the asset needs to consolidate above the $2,500 level and then overcome resistance at $3,100. Only after that will it be possible to speak about the return of sustainable growth for the second-largest cryptocurrency by market capitalisation, Martinez said.

Earlier, Bitmine Chairman and Fundstrat Global Advisors co-founder Tom Lee suggested that over the past three months, the rise in oil prices caused by the military conflict between the United States and Iran has exerted the strongest pressure on the price of ether.

See also: "Well-Known Market Analyst Arthur Hayes Named Two Altcoins That “Could Increase 20x and Reach $150”"

#Ethereum (ETH) #Key Support Level

Editor: Yulia Krasnaya
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