Ethereum Needs to Maintain $2,480 Support for Price Recovery
Ethereum (ETH) experienced a market movement characterized by a rise of over 9% to a peak of $2,711 on October 30, followed by a decline. Currently, ETH is around $2,500. Analyst Ali Martinez has noted a significant market condition that may trigger a price recovery.
Ethereum Buy Signal Subject To Vital Price Support
In a post on November 1, Martinez reported that the TD Sequential indicator signaled a buy on the ETH 4-hour chart, suggesting potential price reversals. Following a recent decline, this buy signal indicates a possible recovery. However, Ethereum must maintain above the $2,480 support level for the signal to be valid. A drop below this level could lead to a further decline to $2,200, representing a potential 12% decrease from the current price. Conversely, if support holds, ETH may rebound to approximately $2,700.
Analyst Michaël van de Poppe provided insights on Ethereum's price recovery. In a post on X, he noted Ethereum's resilience despite rising US job losses and highlighted its range-bound trading between $2,200 and $2,700 since August. If ETH surpasses $2,700 in the next two weeks, it could surge to around $3,200. Van de Poppe predicts Ethereum will outperform Bitcoin as it approaches its peak dominance, potentially leading an upcoming "altcoin season" with projections of reaching a five-digit value in the coming months.
ETH Price Overview
As of this writing, Ethereum trades at $2,514 after a minor decline. Data from CoinMarketCap indicates ETH's gains of 2.09% over the last seven days and 6.06% over thirty days. Daily trading volume has increased by 4.70%, approaching $20.85 billion.
