Ethereum has been stuck below $2,800 for a while, unable to break through and start a price increase. This has made investors nervous, with many analysts predicting further price drops.
A Glimmer of Hope?
But not everyone’s pessimistic. Analyst Ali Martinez spotted a positive sign: a “buy” signal on the weekly chart using the TD Sequential indicator. This indicator is often used to predict when a price trend might reverse. This suggests Ethereum might be ready to turn things around.
The Recent Price Drop and Recovery
Last week saw a big drop, with Ethereum falling from $3,150 to $2,150 in just two days. While it has since recovered to around $2,600–$2,700, it’s still struggling to break past key resistance levels.
What Martinez’s Analysis Shows
Martinez’s analysis, using the TD Sequential indicator, points towards a potential rebound. A “buy” signal on the weekly chart is a strong indicator, suggesting a major shift could be coming.
The $3,000 Hurdle
Breaking above $3,000 would be a huge win for Ethereum, confirming a price reversal and likely leading to further gains. However, until that happens, the situation remains uncertain.
Current Price Action and Future Outlook
Ethereum is currently trading around $2,695, consolidating between $2,525 and $2,795. Holding the $2,600 support level is crucial. Breaking above $2,800 and then $3,000 would be very bullish, while falling below $2,600 could lead to further price drops. The next few days will be key in determining Ethereum’s short-term direction.
