According to a popular crypto analyst, leading smart contract platform Ethereum (ETH) is signaling a possible rebound.
The digital asset trader Ali Martinez tells His 76,700 followers on the social media platform
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
says Martinez,
“For this bullish setup to hold, ETH needs to hold above the $2,480 support.”
ETH is still above that level at the time of writing, trading at $2,516. The second-ranked crypto asset by market has been trading roughly for the past day and is up more than 3% over the past seven days.
In terms of Bitcoin (BTC), Martinez say the top crypto asset is still going “according to plan” in terms of a forecast price path he laid out in late October.
“After rising to $72,000, BTC is now testing the $69,000 support zone. If this level continues, BTC could rise to $78,000!”
Bitcoin is trading at $69,601 at the time of writing. The highest-ranked crypto asset by market capitalization is down almost 1% in the past day, but up more than 4.5% in the past week.
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Generated image: Midjourney