Ethereum (ETH) exhibited a two-phase market move over the past week, rising over 9% to a local high of $2,711 on October 30, before declining by an almost similar extent. With the leading altcoin now hovering around the $2,500 mark, crypto analyst Ali Martinez has highlighted an important market condition that could trigger a price rebound.
Ethereum Buy Signal Subject to Vital Price Support
In an X article on November 1, Martinez said that TD Sequential indicated a buy signal on the ETH 4-hour chart. For context, the TD Sequential Trading Indicator is commonly used to signal potential inflection points in price trends and provide signals of trend exhaustion or potential price reversals.
Following Ethereum’s decline over the past 48 hours, TD Sequential issued a buy signal, indicating a possible price recovery on the horizon. However, Martinez states that for this bullish signal to hold true, Ethereum must remain above the $2,480 support zone.
A potential price decline below this support level would result in a further decline to $2,200, indicating a potential 12% decline from the token’s current price. However, Ethereum is expected to bounce back to around $2,700 if the specified support zone holds.
Interestingly, fellow market analyst Michaël van de Poppe provided valuable insight into the price of Ethereum should this successful price recovery occur.
In an article on He also notes that ETH is a range bound market, hovering between $2,200 and $2,700 since August. However, van de Poppe states that if Ethereum returns above $2,700 over the next two weeks, the altcoin could reach around $3,200 over the next few weeks, finally breaking out of consolidation.
Furthermore, the crypto analyst continues to reiterate his projections that Ethereum will outperform Bitcoin in the coming months as the latter approaches its peak dominance level. Ethereum is expected to lead the “altcoin season” with predictions that it will reach a five-digit value in the coming months.
ETH Price Overview
At the time of writing, Ethereum continues to trade at $2,514 after a slight decline over the past day, based on data from CoinMarketCap. Meanwhile, the altcoin reports gains of 2.09% and 6.06% over the past seven and thirty days, respectively. ETH’s daily trading volume also increased by 4.70%, approaching a value of $20.85 billion.
