Crypto expert Ali Martinez claimed. "Bitcoin has room to run and Ethereum will fall now"
![Crypto expert Ali Martinez claimed. "Bitcoin has room to run and Ethereum will fall now"](/content/images/size/w1200/2024/03/4702e9d487d0bdf81f03bb2227b42949-1.jpg)
Renowned cryptocurrency expert Ali Martinez has predicted a drop in the price of Ethereum, citing the large amount of ETH that began to be deposited on exchanges earlier this month. Martinez tweeted on his X account on Wednesday that about 420,000 ETH have been deposited on exchanges in the past three weeks, which would be worth about $11.47 billion in today's dollars. Ethereum hit a record high of $4097 in December this year, approaching a record high set in November 2021, following the success of the Denkun upgrade and the possible approval of a spot exchange-traded fund (ETF) in May, which had been floating in and out of the market. On November 12, 2021, ETH reached $4274.
![blockchain crypto cryptocurrency ali martinez claim eth fall (SpotedCrypto)](https://www.spotedcrypto.com/content/images/2024/03/20240325000002_0800.png)
While ETH was soaring, Martenis raised the possibility of a sharp drop in ETH based on the amount of ETH that had begun to accumulate on exchanges. This is because cryptocurrency deposited on exchanges is generally considered a potentially shortable supply. Ethereum plunged about 7% last week on news that the U.S. Securities and Exchange Commission (SEC) had opened an investigation into the Ethereum Foundation to examine the securitization of ETH.
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Meanwhile, he also gave his views on bitcoin. "If the BTC price breaks above $66,990, it is likely to rise to $72,880," he said, citing the URPD indicator, which is the distribution of realized prices of UTXOs (transactions not yet spent) at a given price point. Currently, BTC is trading up 3.39% at $66,713.89 on CoinMarketCap.