Ethereum, the second-largest cryptocurrency, has been struggling lately. It dropped 6% last week and even dipped below $2,400 on Saturday. But don’t worry, there might be a silver lining.
A Bullish Signal
A popular crypto analyst, Ali Martinez, has spotted a potential buy signal for Ethereum. He’s using a technical indicator called the Tom Demark (TD) Sequential. This indicator helps identify when a trend is about to reverse.
According to Martinez, the TD Sequential is showing a buy signal for Ethereum. He believes the price could bounce back and reach $2,665 before facing major resistance.
Support Holds Strong
The $2,412 support level seems to be holding strong. Ethereum is currently trading around $2,478, which is a slight dip from yesterday.
Whales are Selling
However, there’s a bit of a catch. Recent data shows that large investors in the US are selling their Ethereum. This could slow down any potential price growth in the short term.
Buy the Dip?
Despite the selling pressure, this could be a good opportunity for long-term investors to buy Ethereum at a lower price. The “buy the dip” strategy is popular among investors who believe in the long-term potential of a particular asset.
Overall, Ethereum is showing signs of a rebound, but it’s still facing some challenges. It’s important to stay informed and monitor the market closely before making any investment decisions.
