Ethereum (ETH) Market Condition Could Ignite a Price Rebound, Analysts Say

Ethereum (ETH) exhibited a dual-phased market movement in the last week rising by over 9% to reach a local peak of $2,711 on October 30

Crypto analyst Ali Martinez has highlighted an important market condition that could ignite a price rebound for prominent altcoin Ethereum (ETH) as it now hovers around the $2,500 price mark.

After rising by over 9% in the last week to reach a local peak of $2,711 on October 30, ETH exhibited a dual-phased market movement, declining by an almost similar measure. However, following this decline over the past 48 hours, TD Sequential has flashed a buy signal.

For those unfamiliar, TD Sequential is a commonly used trading indicator to signal potential turning points in price trends and provide signals for trend exhaustion or potential price reversals.

Now, according to Martinez, if this buy signal is to hold true, we can expect Ethereum to continue seeing support at around the $2,480 price level. A potential drop below this support zone could lead to a further decline to around $2,200, indicating a potential 12% decrease from the token’s current price.

However, if the specified support zone manages to hold, we should see ETH rebounding to around $2,700. Interestingly, fellow market analyst Michaël van de Poppe has provided some valuable insights into ETH’s price if this successful price recovery occurs.

In a recent post on Twitter, van de Poppe applauds the resilience of Ethereum despite the rise in US permanent job losses as revealed by the recent unemployment data by the Bureau of Labor Statistics.

He also notes that ETH has been in a range-bound market oscillating between $2,200-$2,700 since August. However, van de Poppe states that if Ethereum returns above $2,700 in the next two weeks, the altcoin may surge to around $3,200 in the next few weeks, finally breaking out of consolidation.

In addition to this, the crypto analyst continues to reiterate his projections of ETH outperforming BTC in the coming months as the latter approaches its peak dominance level.

He states that as Bitcoin is set to reach its maximum, we should expect Ethereum to lead the “altcoin season” with predictions of hitting a five-digit value in the next few months.

At the time of writing, according to data from CoinMarketCap, ETH continues to trade at $2,514 after exhibiting a minor decline in the past day. Meanwhile, the altcoin reports gains of 2.09% and 6.06% in the last seven and thirty days, respectively. ETH’s daily trading volume is also up by 4.70%, approaching a value of $20.85 billion.