Ethereum Indicator Flashes Buy Signal On The Weekly Chart – Potential For A Rebound?
Ethereum has been struggling for weeks under $2,800 and cannot use it as support and trigger a recovery rally. This critical level of resistance puts the Bulls in a slump, stagnating price action and fueling negative sentiment in the market. Analysts call for Ethereum to fail to break through the sustainability of key supply areas. Broader market uncertainty and ongoing sales pressure have only intensified attention, which has made investors increasingly cautious about Ethereum’s short-term outlook.
Related Readings
However, not everyone is bearish. Some investors remain optimistic that Ethereum may soon enter a recovery phase. Top analyst Ali Martinez recently shared a technical analysis that shows Ethereum may show signs of a potential rebound. Martinez notes that the TD sequence indicator, a tool widely used to identify potential trend reversals, flashes a buying signal on the weekly chart. The metric is known for its precise trend exhaustion, indicating that Ethereum may be approaching a turning point.
As a merger of Ethereum At the current level, the coming weeks are crucial to identifying their next move. Will buying signals lead to rally, or will bearish signals dominate? For now, everyone’s eyes are reaching $2,800, and whether Ethereum can take it back.
Ethereum prepares for rebound
Ethereum dropped from $3,150 to $2,150 in less than two days after a dramatic sell-off last week, shocking investor confidence and putting markets into turmoil. While prices have recovered significantly since then, climbing to the $2,600 to $2,700 range, Ethereum has been working to restore key supply levels to keep bearish sentiment alive. The recovery path is still challenging, with ETH requiring a $3,000 mark to indicate a reversal of the current bearish trend.
Top analyst Ali Martinez offers some hope for the Ethereum Bulls Share positive data on x This suggests that a potential rebound may be coming. According to Martinez’s technical analysis, Ethereum shows signs of recovery as the TD sequence indicator flashes the purchase signal on the weekly chart.
The TD order is a highly respected tool in technical analysis and is specially designed to identify moments of trend depletion and potential price reversals in signals. The buy signal on the weekly chart is a particularly strong indicator that ETH may approach a critical turning point.
Related Readings
If Ethereum manages to cross the $3,000 mark and supports it, it will confirm a trend reversal and could trigger a rally to higher price levels. However, uncertainty remains until this critical level is violated, and bearish pressure may still dominate. Currently, the market is paying close attention to see if Ethereum can take advantage of these positive signals and regain its position. The next few weeks are crucial to determine whether ETH can get rid of its bearish trend and resume its recovery path.
ETH price testing is crucial supply
Ethereum is currently trading at $2,695 and a few days later, it will be merged at $2,525 to $2,795. The market is still indecisive, and both bulls and bears are waiting for breakthroughs in any direction. The Bulls face the challenge of recouping the $2,800 level as support to gain momentum and push the price to $3,000. A move above $3,000 will confirm the recovery rally and potentially mark the beginning of the bullish phase of Ethereum.
However, current price levels are crucial to maintaining the recovery phase. Maintaining a $2,600 support level is crucial for the Bulls to build confidence and cause more buying pressure. Losing this level could undermine recovery momentum and trigger a deeper correction that pushes ETH toward lower demand areas, which may see its retest level below $2,500.
Related Readings
The next few days will be key to the short-term direction of Ethereum as it continues to hover around key levels. If the Bulls succeed in recouping $2,800 and pushing $3,000 higher, it could attract new interest from buyers and fuel a higher supply area. Conversely, failure to maintain current levels may give bears an upper hand, resulting in increased sales pressure and further declines. At present, Ethereum is still in a critical stage of integration.
Featured images from DALL-E, charts from TradingView
