Ethereum Faces Downtrend as Analyst Predicts $2,450 Support Level
Ethereum (ETH) has experienced a 2% dip in the past 24 hours, following a surge of over 19% after the approval of a Bitcoin spot ETF in the US. Crypto analyst Ali Martinez suggests that ETH may continue to decline, with a possible support level of $2,450 based on the TD Sequential indicator. This tool predicts trend reversals and exhaustion. Martinez explains that ETH’s recent price correction was expected after trading above $2,700 due to the launch of Bitcoin spot ETFs. If Ethereum fails to maintain its value above $2,530, it could drop to $2,450.
Investor Sentiment Remains Bullish Despite Correction
Martinez believes that ETH’s current negative price movement is just a correction and investor sentiment around the altcoin remains positive. Earlier this week, there was excitement among ETH investors regarding the possibility of an Ether spot ETF in the US following the SEC’s approval of several Bitcoin spot ETF applications. Investors speculate that Ethereum may also receive favorable treatment from the SEC as it is the second-largest cryptocurrency and has seen an increase in Ether spot ETF applications.
Current Price Overview
Currently, Ethereum is trading at $2,548 with a slight decline of 2.67% in the past day. However, it has shown an overall bullish performance over the past week with a gain of 14.48%. Additionally, ETH’s daily volume has increased by 22.25% and is now valued at $26.8 billion.
Hot Take: ETH Faces Potential Support Level of $2,450
Despite a recent surge and positive investor sentiment, Ethereum may face a potential support level of $2,450 according to crypto analyst Ali Martinez. This prediction is based on the TD Sequential indicator, which indicates a possible trend reversal. If Ethereum fails to maintain its value above $2,530, it could experience a further decline. However, it’s important to note that this negative price movement is likely just a correction and overall investor sentiment remains bullish.
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