Ethereum Faces TD Sell Signal at Key Resistance Level
An analyst has highlighted a sell signal for Ethereum observed through the Tom Demark (TD) Sequential, coinciding with a key resistance line retest.
Key Points
- Ethereum is trading near the upper boundary of a Descending Channel, a consolidation pattern marked by two downward-sloping parallel lines.
- In late September, Ethereum found support at the lower boundary of this channel and rebounded upwards.
- The coin is currently attempting to break past the upper boundary resistance after three failed attempts in the last two months.
- A recent TD Sequential signal, appearing after nine green candles, suggests the bullish trend might be nearing exhaustion.
- If Ethereum faces rejection at the resistance, potential price targets could be $4,100 or even $3,780, as per the analyst's assessment.
Current ETH Price
- Ethereum is currently trading around $4,730, marking an increase of nearly 13% over the past week.
