Ethereum has been on a rollercoaster ride lately. It shot up over 9% to hit $2,711 last week, only to drop back down almost as much. Now, it’s hovering around $2,500, and analysts are trying to figure out what’s next.
A Buy Signal with a Catch
One analyst, Ali Martinez, is seeing a potential buy signal for Ethereum. He’s using a technical indicator called TD Sequential, which helps predict price changes. This indicator is flashing a buy signal, suggesting a possible price rebound.
But there’s a catch: For this signal to hold true, Ethereum needs to stay above $2,480. If it drops below that level, it could fall further to $2,200, which is a 12% drop from where it is now.
However, if Ethereum can hold above $2,480, it could bounce back up to around $2,700.
A Potential Breakout
Another analyst, Michaël van de Poppe, is also optimistic about Ethereum. He’s impressed with how Ethereum has held its own despite some recent economic uncertainty. He sees Ethereum trading in a range between $2,200 and $2,700 since August.
But if Ethereum can break out of this range and climb above $2,700 in the next two weeks, van de Poppe believes it could surge to $3,200 in the following weeks.
He’s also predicting that Ethereum will outperform Bitcoin in the coming months, potentially leading the “altcoin season” and even reaching a five-digit price in the next few months.
Ethereum’s Current Situation
Right now, Ethereum is trading at around $2,514. It’s down slightly from yesterday, but it’s still up over 2% in the past week and 6% in the past month. Trading volume is also increasing, indicating some activity in the market.
So, will Ethereum break out of its range and reach new highs? Only time will tell, but analysts are keeping a close eye on that $2,480 support level.
