Ethereum (ETH) could be about to bounce back, according to a popular crypto analyst.
Ali Martinez, a well-known trader, believes ETH’s recent price action is signaling a potential rebound. He’s using a technical indicator called the Tom DeMark (TD) Sequential Indicator to make this call.
The TD Sequential Indicator is a tool used by traders to spot potential trend reversals. It analyzes the closing prices of the last 13 trading periods. Martinez says ETH’s four-hour chart is showing a bullish signal.
However, for this bullish setup to work, ETH needs to stay above $2,480. At the time of writing, ETH is trading at $2,516, so it’s currently above that level.
Meanwhile, Bitcoin (BTC) is also looking good, according to Martinez. He believes BTC is following a price path he predicted back in October.
Martinez says BTC is currently testing the $69,000 support level.
BTC is currently trading at $69,601.
It’s important to remember that this is just one analyst’s opinion. Crypto markets are volatile, and past performance is not indicative of future results.
Always do your own research before investing in any cryptocurrency.
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