ethereum (eth) exhibited a two-phase market movement in the last week, rising more than 9% to reach a local peak of $2,711 on October 30, before falling by a nearly similar extent. As the prominent altcoin now hovers around the $2,500 price mark, crypto analyst Ali Martinez has highlighted an important market condition that could lead to a price rally.
ethereum Buy Signal Subject to Vital Price Support
In x.com/ali_charts/status/1852282109949260067″ target=”_blank”>an x post on November 1st, Martinez stated that TD Sequential has indicated a buy signal on the eth 4-hour chart. For context, the TD Sequential trading indicator is commonly used to signal potential turning points in price trends and provide signals of trend exhaustion or potential price reversals.
Following ethereum's decline in the last 48 hours, TD Sequential has shown a buy signal, indicating a possible price recovery on the horizon. However, Martínez states that for this bullish signal to be true, ethereum must remain above the $2,480 support zone.
A possible price drop below this support level would result in a further drop to $2,200, indicating a possible 12% decline from the token's current price. However, ethereum is expected to recover to around $2,700 if the specified support zone holds.
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Interestingly, fellow market analyst Michaël van de Poppe has provided valuable insight into the price of ethereum if this successful price recovery occurs.
x.com/CryptoMichNL/status/1852364979426439429″ target=”_blank”>In a post on xvan de Poppe applauds ethereum's resilience despite rising permanent job losses in the US, as revealed by recent unemployment data from the Bureau of Labor Statistics. He also notes that eth has been a range-bound market hovering between $2,200 and $2,700 since August. However, van de Poppe claims that if ethereum returns above $2,700 in the next two weeks, the altcoin may rise to around $3,200 in the coming weeks, finally breaking its consolidation.
Furthermore, the crypto analyst continues x.com/CryptoMichNL/status/1852425380533023085″ target=”_blank”>reiterate his projections that ethereum will surpass bitcoin in the coming months as the latter approaches its peak level of dominance. ethereum is expected to lead the “altcoin season” with predictions of reaching a five-digit value in the coming months.
eth Price Overview
At the time of writing, ethereum continues to trade at $2,514 after a small drop in the last day according to ethereum/” target=”_blank”>data from CoinMarketCap. Meanwhile, the altcoin reports gains of 2.09% and 6.06% in the last seven and thirty days, respectively. eth's daily trading volume also increased by 4.70%, approaching a value of $20.85 billion.
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