Ethereum Must Stay Above $2,480 For This Bullish Signal To Hold True - Analyst

2024-11-02 04:00:20

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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.

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.

Source: ali_charts on XInterestingly, 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.

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.

ETH trading at $2,511 on the 4-hour chart | Source: ETHUSDT chart on Tradingview.com

ETH-5,81%

OVER2,17%

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