Ethereum Must Stay Above $2,480 For This Bullish Signal To Hold True – Analyst
November 02 2024 - 8:00AM
NEWSBTC
Ethereum (ETH) exhibited a dual-phased market movement in the last
week rising by over 9% to reach a local peak of $2,711 on October
30, before declining by an almost similar measure. As the prominent
altcoin now hovers around the $2,500 price mark, crypto analyst Ali
Martinez has highlighted an important market condition that could
ignite a price rebound. Related Reading: Ethereum Blobs Are
‘Insanely Bullish” For ETH Price: Breakthrough Research Ethereum
Buy Signal Subject To Vital Price Support In an X post on November
1, Martinez stated that TD Sequential has indicated a buy signal on
the ETH 4-hour chart. For context, the TD Sequential commonly used
trading indicator to signal potential turning points in price
trends and provide signals for trend exhaustion or potential price
reversals. Following Ethereum’s decline over the past 48
hours, TD Sequential has flashed a buy signal, indicating a
possible price recovery on the horizon. However, Martinez states
that for this bullish signal to prove true, Ethereum must remain
above the $2,480 support zone. A potential price drop below this
support level would result in a further decline to $2,200,
indicating a potential 12% decrease from the token’s current price.
However, Ethereum is expected to rebound to around $2,700 if the
specified support zone holds. Interestingly, fellow market
analyst Michaël van de Poppe has provided some valuable insights
into Ethereum’s price if this successful price recovery occurs. In
a post on X, van de Poppe applauds the resilience of Ethereum
despite the rise in US permanent job losses as revealed by the
recent unemployment data by the Bureau of Labor Statistics. He also
notes ETH has been a range-bound market oscillating between
$2,200-$2,700 since August. However, van de Poppe states that if
Ethereum returns above $2,700 in the next two weeks, the altcoin
may surge to around $3,200 in the next few weeks, finally breaking
out of consolidation. In addition, the crypto analyst continues to
reiterate his projections of Ethereum to outperform Bitcoin in the
coming months as the latter approaches its peak dominance level.
Ethereum is expected to lead the “altcoin season” with predictions
of hitting a five-digit value next few months. Related Reading:
Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says
Don’t Aim Lower Than $4,900 ATH ETH Price Overview At the time of
writing, Ethereum continues to trade at $2,514 following a minor
decline in the past day based on 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 is
also up by 4.70% approaching a value of $20.85 billion. Featured
image from MarketWatch, chart from Tradingview.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Nov 2024 to Dec 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Dec 2023 to Dec 2024