Leading smart contract platform Ethereum (ETH) is flashing a signal for a potential bounce, according to a popular crypto analyst.
The digital asset trader Ali Martinez tells his 76,700 followers on the social media platform X that ETH’s Tom DeMark (TD) Sequential Indicator presented a bullish signal on its four-hour chart.
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 stay above the $2,480 support.”
ETH is still above that level at time of writing and trading at $2,516. The second-ranked crypto asset by market is trading roughly even in the past day and is up more than 3% in the past seven days.
In terms of Bitcoin (BTC), Martinez says the top crypto asset is still “going according to plan” in terms of a predicted price path he laid out in late October.
“After moving up to $72,000, BTC is now testing the $69,000 support zone. If this level holds, BTC could rise to $78,000!”
Bitcoin is trading at $69,601 at time of writing. The top-ranked crypto asset by market cap is down nearly 1% in the past day but up more than 4.5% in the past week.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here