Ethereum Price Stabilizes Above $2,400 Amid Bearish Market Pressure
The crypto market is experiencing bearish trends, with Ethereum's price dropping by 6% over the past week. On October 26th, Ethereum found support just above $2,400 after a significant price downturn.
TD Sequential Flashes Buy Signal For Ethereum Price
Crypto analyst Ali Martinez reported on X that the Tom Demark (TD) Sequential indicator has signaled a buy for Ethereum on its 12-hour chart. This technical analysis tool identifies trend exhaustion and potential price reversals through two phases: TD Setup and TD Countdown.
The TD Setup phase consists of a 9-candle count following a price reversal, while the TD Countdown phase comprises 13 candles of the same polarity after the Setup phase. The chart indicates that Ethereum has completed the TD Setup phase, suggesting a possible price bottom and an impending rebound.
If the support level at $2,412 remains intact, Martinez forecasts that Ethereum could rise to approximately $2,665 before facing significant resistance. Currently, Ethereum is trading at $2,478, reflecting a slight 0.1% decline in the last 24 hours.
On-Chain Data: Negative Region
Recent on-chain data shows that the ETH Coinbase premium is at -2, indicating selling activity among whales and institutional investors in the U.S. This selling pressure may hinder short-term price growth, but it could present a buying opportunity for long-term investors.
