Ethereum and Chainlink Analysis: Bearish Market Predictions and Short Positions Warning for Bitcoin - Latest cryptocurrency news

Ethereum and Chainlink Analysis: Bearish Market Predictions and Short Positions Warning for Bitcoin

Renowned crypto analyst and trader Inmortal made bearish market predictions for Ethereum (ETH) and Chainlink (LINK). Additionally, he issued a warning about short positions for Bitcoin (BTC).

Inmortal stated on his personal account on social media platform X that Ethereum has broken out of the triangle formation on the four-hour timeframe. He mentioned that ETH is ready for an upward movement, suggesting that Ethereum is prepared for a sustained rise. At the time of writing, ETH was trading at $2,162, with a 3.63% increase in the last 24 hours.

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Analyzing Chainlink, Inmortal noted that LINK has broken out of the ascending triangle formation and is poised to reach the $17 target. He expressed that Chainlink’s price was at $16.06, with a 2.35% increase in the last 24 hours, and it is very close to the targeted level.

Regarding Bitcoin, Inmortal mentioned that the cryptocurrency has been moving within a strong uptrend for the past one and a half months, forming multiple consecutive rising bottoms. He advised against opening short positions due to the current state of BTC, stating that all short positions opened in the last 45 days have either been closed or resulted in losses. BTC was trading at $39,521, with a 1.94% increase in the last 24 hours.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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