In the past week, Ethereum (ETH) has demonstrated a dual-phased market movement. Initially, it rose by over 9%, reaching a local peak of $2,711 on October 30. However, this upward momentum was followed by a decline of nearly the same magnitude. Presently, Ethereum hovers around the $2,500 mark. Crypto analyst Ali Martinez has identified a critical market condition that could potentially trigger a price rebound for this prominent altcoin.
Ethereum Buy Signal Linked to Crucial Price Support
On November 1, Martinez shared insights in an X post, noting that the TD Sequential indicator has signaled a buy on the 4-hour ETH chart. The TD Sequential is a widely used trading tool that identifies potential turning points in price trends, offering signals for trend exhaustion or possible price reversals.
As Ethereum experienced a decline over the past 48 hours, the TD Sequential flashed a buy signal, suggesting a potential price recovery might be imminent. However, Martinez emphasized that for this bullish signal to materialize, Ethereum must maintain its position above the $2,480 support level. A dip below this support could lead to a further decline, potentially dropping to $2,200, which represents a possible 12% decrease from the current price. Conversely, holding this support could see Ethereum rebound to approximately $2,700.
Market Insights and Projections
Notably, fellow market analyst Michaël van de Poppe has contributed valuable insights into Ethereum’s price trajectory if a successful recovery unfolds. In a post on X, van de Poppe commended Ethereum’s resilience despite the increase in US permanent job losses, as highlighted by the recent Bureau of Labor Statistics unemployment data. He observed that ETH has been range-bound, oscillating between $2,200 and $2,700 since August.
Van de Poppe further suggested that if Ethereum surpasses the $2,700 mark in the upcoming two weeks, it could surge to around $3,200 in the following weeks, potentially breaking out of its consolidation phase. Additionally, the analyst continues to predict Ethereum’s potential to outperform Bitcoin in the coming months as Bitcoin approaches its peak dominance level. Ethereum is anticipated to lead the “altcoin season,” with expectations of reaching a five-digit value in the next few months.
ETH Price Overview
As of now, Ethereum is trading at $2,514, following a slight decline in the past day, according to CoinMarketCap data. Despite this, the altcoin has reported gains of 2.09% over the past week and 6.06% over the last thirty days. Additionally, ETH’s daily trading volume has increased by 4.70%, nearing a value of $20.85 billion.
