Ethereum needs to stay above $2,480 for this bullish signal to remain intact – analyst
Ethereum (ETH) has seen a double-stage market move, rising more than 9% last week to reach a local high of $2,711 on October 30 before falling back to roughly the same level. With the popular altcoin currently hovering around $2,500, cryptocurrency analyst Ali Martinez highlighted important market developments that could trigger a price rebound.
Ethereum Buy Signals Subject to Essential Price Support
In the November 1st Depending on the context, TD Sequential is a trading indicator commonly used to signal potential turning points in a price trend and provide signals for trend exhaustion or a potential price reversal.
After Ethereum fell over the past 48 hours, TD Sequential has issued a buy signal, indicating a possible price recovery soon. However, Martinez says that for this bullish signal to prove true, Ethereum needs to stay above the $2,480 support zone.
A price decline below this support level could lead to a further decline towards $2,200, which would represent a potential 12% downside from the token’s current price. However, if the designated support zone holds, Ethereum is expected to rebound to around $2,700.
Interestingly, fellow market analyst Michaël van de Poppe provided valuable insight into the Ethereum price should a successful price recovery occur.
In a post on He also pointed out that ETH has been a range-bound market since August, fluctuating between $2,200-$2,700. However, van de Poppe says that if Ethereum returns above $2,700 in the next two weeks, the altcoin could surge to around $3,200 in the next few weeks and finally break out of the consolidation.
Additionally, cryptocurrency analysts continue to reiterate their predictions that Ethereum will surpass Bitcoin in the coming months as it approaches Bitcoin’s peak dominance levels. Ethereum is expected to lead the “altcoin season” with predictions that it will hit five-digit valuations in the coming months.
ETH price overview
As of this writing, Ethereum continues to trade at $2,514 after falling slightly over the past day, based on data from CoinMarketCap. Meanwhile, altcoins have reported gains of 2.09% and 6.06% over the past 7 and 30 days, respectively. ETH’s daily trading volume also increased by 4.70%, reaching $20.85 billion.
