Crypto analyst Ali Martinez has observed a significant increase in Ethereum (ETH) deposits on crypto exchanges over the past two weeks. This surge suggests increased trading activity, which could lead to price volatility.
Sell Signal on Daily Chart
According to Martinez, the Tom DeMark (TD) Sequential Indicator is flashing a sell signal on Ethereum’s daily chart. This indicator is used to predict potential trend reversals based on previous closings.
Path to $5,000
Despite the sell signal, Martinez believes Ethereum has the potential to reach $5,000 if it can break above $4,170. A daily close above this level would invalidate the bearish outlook and trigger a new upward trend.
Regulatory Hurdle Cleared
Earlier this week, proposals to create ETH-based exchange-traded funds (ETFs) cleared a regulatory hurdle, boosting the Ethereum ecosystem.
Current Price
At the time of writing, Ethereum is trading at $3,732, down 2.31% over the past 24 hours.
