Ethereum Price Holds Strong Above $2,400 — Is $2,650 The Next Stop?

Opeyemi Sule

8 months ago

3 mins read

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The crypto market has been under intense bearish pressure in recent days, with the Ethereum price falling by 6% in the past week. On Saturday, October 26th, the “king of altcoins” experienced an abrupt price downturn before finding support just above $2,400.

A popular crypto pundit on X has come forward with an interesting prognosis for the price of Ethereum, saying that the cryptocurrency is set for a rebound. The question here is — how far can the altcoin climb before facing major resistance?

TD Sequential Flashes Buy Signal For Ethereum Price

Prominent crypto analyst Ali Martinez took to the X platform to share an exciting projection for the Ethereum price in the short term. According to the pundit, the Tom Demark “TD” Sequential has sounded a buy alarm for the second-largest cryptocurrency on its 12-hour chart.

For context, the Tom Demark Sequential is a technical analysis indicator designed to pinpoint the exact time of trend exhaustion and price reversal. This indicator features two phases known as the TD Setup (or the momentum phase) and the TD Countdown (or the trend exhaustion phase).

The TD Setup phase occurs after a price reversal and comprises a 9-candle count. The TD Countdown phase, on the other hand, is valid only after the Setup phase has been established and is made up of 13 candles (typically of the same polarity).

As shown in the chart above, the Ethereum price seems to have completed the TD Setup phase, with figure “9” plotted on the last candlestick. This suggests that the altcoin’s price might have reached a bottom, with a rebound on the horizon.

According to Martinez, the case for an Ethereum price rebound is stronger should the support level at $2,412 hold. The analyst noted that the altcoin could travel as high as $2,665 before encountering the next major resistance.

After the Ethereum price made a comeback around $2,400, it appears that the $2,412 support did hold strong. As of this writing, the Ether token is valued at $2,478, reflecting a negligible 0.1% dip in the past 24 hours.

On-Chain Data: Negative Region

According to the latest on-chain data, the ETH coinbase premium continues to lag in the negative territory, falling to -2 in recent weeks. This trend suggests that whales and institutional investors in the United States are selling their Ethereum tokens.

With the Ethereum price looking to make a quick comeback, the selling pressure from the US large investors could stall any price growth in the short term. However, the bearish period could provide an opportunity for long-term investors to “buy the dip.”

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from Shutterstock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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