$ETH
Ethereum could reach a point where it will immediately fall, then rebound sharply!
Ethereum has been attracting attention from analysts due to some interesting developments recently.
Analysts say that looking at technical indicators and on-chain data, Ethereum could either briefly fall (or) make a strong comeback like in 2020-2021.
According to Ali Martinez, a renowned crypto analyst, Ethereum could be headed for a short-term decline. TD Sequential 3-Day Chart Sell Signal 6: This is especially true after the initial rally to $2,600.
TD Sequential is very reliable when the market is short.
It is a good indicator, especially when the market is very bullish and corrections occur.
On-chain data shows a strong demand zone at $2,400.
Ali Martinez SentoraHQ On-chain Data shared
It showed that there was very large trading volume between 2,354 and 2,431. So $2,400 became a key support level.
The 2.64 million addresses in this zone hold 6.3 million ETH. Ethereum is currently trading slightly higher at around $2,480.
If ETH fails to hold this level, it could fall back below the Fibonacci level, but if it can hold support, it could become a launchpad for further gains from here.
Ethereum V-Shape Recovery
Crypto Analyst Ash Ethereum is in a V-Shape Recovery. This is a good sign for the long-term as it is similar to the price action in 2020-2021.
3 Weekly Chart 3 Recovery Pattern
In comparison, Ethereum is in mid-recovery and could reach a new all-time high if it continues as before.