Ethereum (ETH) exhibited a two-phase market movement last week, rising more than 9% to reach a local high of $2,711 on October 30 before falling by an almost similar amount. With the price of this prominent altcoin currently hovering around the $2,500 level, cryptocurrency analyst Ali Martinez highlighted an vital market development that could trigger a price rebound.
The Ethereum buy signal is subject to significant price support
IN post X from November 1, Martinez stated that TD Sequential indicated a buy signal on the 4-hour ETH chart. In context, the widely used TD Sequential trading indicator flags potential turning points in price trends and provides signals of trend exhaustion or potential price reversals.
After Ethereum prices dropped over the last 48 hours, TD Sequential flashed a buy signal, indicating a possible price rebound is on the horizon. However, Martinez states that for this bullish signal to hold true, Ethereum needs to stay 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 decline of 12% from the token’s current price. However, Ethereum is expected to rebound to around $2,700 if a specific support zone holds.
Interestingly, fellow market analyst Michaël van de Poppe provided some valuable insights on Ethereum’s price if a successful price rebound occurs.
In the post on Xvan de Poppe praises Ethereum’s resilience despite an enhance in the number of people losing eternal jobs in the US, as shown by the latest unemployment data from the Bureau of Labor Statistics. He also notes that ETH is a restricted market, with prices ranging between $2,200 and $2,700 as of August. However, van de Poppe states that if Ethereum returns above $2,700 in the next two weeks, the altcoin could rise to around $3,200 in the next few weeks, finally breaking out of consolidation.
Moreover, the cryptocurrency analyst continues to do so to repeat his prediction that Ethereum will outperform Bitcoin in the coming months as the latter reaches its peak of dominance. Ethereum is expected to lead the “altcoin season” with forecasts to reach five-digit value in the next few months.
ETH price overview
At the time of writing, Ethereum is still trading at $2,514 after a slight decline last day based on data from CoinMarketCap. Meanwhile, the altcoin is up 2.09% and 6.06% over the past seven and thirty days, respectively. ETH’s daily trading volume also increased by 4.70%, reaching $20.85 billion.
