According ethereum/” target=”_blank” rel=”nofollow”>CoinMarketCap data, ethereum (eth) had fallen more than 2% in the last 24 hours. This negative price movement comes after an initial price surge by the token, which gained over 19% following news of the bitcoin Spot ETF approval in the US on Wednesday.
Interestingly, popular crypto analyst Ali Martinez has offered more insight into eth's developing bearish trend, highlighting potential upcoming support zones for crypto's largest altcoin.
ethereum may be on track to hit $2,450 – Analyst
in a x publication On January 11, Martinez shared that the TD Sequential indicator was presenting a sell signal on ethereum's 4-hour chart, which could possibly result in the altcoin's price falling to a support level of $2,530.
In context, the Tom Demark Sequential Indicator is a popular support tool used to identify trend exhaustion and predict potential trend reversals.
According to Martínez, this analysis tool showed that eth was due to undergo a price correction following a price surge that saw the asset trading above $2,700 in reaction to the US Stock Exchange giving the green light to the bitcoin Spot ETF Launches on US Stock Markets
Yeah ethereum?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#ethereum cannot stay above $2,530, next stop will be $2,450! https://t.co/wtjcdRTWnv
—Ali (@ali_charts) January 12, 2024
Curiously, In a second post on January 12, The renowned crypto analyst doubled down on this prediction by stating that if eth bulls failed to keep the coin's value above $2,530, there was a chance that the token could trade as low as $2,450.
According to Martinez, the current negative eth price movement appears to be a mere correction, which is likely true as overall investor sentiment around the altcoin remains bullish.
Earlier this week, NewsBTC reported that eth investors are excited about the prospect of an Ether spot ETF in the US after the SEC authorized 11 bitcoin spot ETF applications on Wednesday. Considering eth's ranking as the second-largest cryptocurrency after bitcoin, as well as the growing number of Ether spot ETF filings, investors believe the altcoin may be in line to gain favor with the SEC.
eth Price Overview
At the time of writing, ethereum was trading at $2,548 with a slight drop of 2.67% in the last day. However, the altcoin has shown an overall bullish performance in the past week, with a notable gain of 14.48%. Adding to this positive narrative, there is also an increase in daily eth volume of 22.25%, which is currently valued at $26.8 billion.
<img decoding="async" class="aligncenter size-large" src="https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-Points-to-Crucial-Support-Levels-for-Ethereum-ETH-After" alt="ethereum” width=”1480″ height=”893″ loading=”lazy”/>
eth trading at $2,553 on the daily chart | Source: ETHUSDT chart on Tradingview.com
Featured Image by Forbes, Chart by Tradingview
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