Ethereum Dips Over 2% in the Last 24 Hours
According to data from CoinMarketCap, Ethereum (ETH) had dipped over 2% in the last 24 hours. This negative price movement comes after an initial price boost by the token, which gained over 19% following news of the Bitcoin spot ETF approval in the US on Wednesday. Despite this dip, the general investor sentiment around Ethereum remains bullish.
Crypto Analyst Predicts Possible Support Zones for Ethereum
Popular crypto analyst Ali Martinez has offered more insight into Ethereum’s developing downtrend. In an X post on January 11, Martinez shared that the TD Sequential indicator presented a sell signal on the Ethereum 4-hour chart. This could possibly result in the altcoin’s price falling to a support level of $2,530. The Tom Demark Sequential indicator is a popular technical analysis tool used to identify trend exhaustion and predict possible trend reversals.
ETH May Fall to $2,450, Says Renowned Analyst
Martinez suggests that if Ethereum can’t hold above $2,530, the next stop for the altcoin will be $2,450. In a second post on January 12, the renowned crypto analyst doubled down on this prediction, stating that if the ETH bulls failed to keep the coin’s value above $2,530, there was a chance the token could trade as low as $2,450. However, it’s important to note that this analysis is based on technical indicators and should be taken as a potential scenario rather than a guaranteed outcome.
Ethereum’s Correction Could Result in $2,450 Trading Level
According to Martinez, Ethereum’s current negative price movement appears to be a mere correction, which is likely true as the general investor sentiment around the altcoin remains bullish. Earlier this week, NewsBTC reported that ETH investors are hyped with the expectation of an Ether spot ETF in the US following the SEC’s clearance of 11 Bitcoin spot ETF applications on Wednesday. Considering ETH’s rank as the second-largest cryptocurrency after Bitcoin, as well as the rising number of Ether spot ETF applications, investors believe the altcoin may be in line for the SEC’s favor.
Despite Correction, ETH Remains Bullish with Growing Volume
At the time of writing, Ethereum was trading at $2,548 with a slight decline of 2.67% in the last day. However, the altcoin has shown an overall bullish performance in the last week, with a notable gain of 14.48%. Adding to this positive narrative, there is also an uptick in ETH’s daily volume by 22.25%, which is currently valued at $26.8 billion. The growing volume indicates increased activity and interest in Ethereum, suggesting that the market remains optimistic about its long-term prospects.
Analyst comment
The news is mixed for Ethereum. In the last 24 hours, it has dipped over 2%, indicating a negative price movement. Crypto analysts predict possible support levels at $2,530 and $2,450. However, despite the correction, the general investor sentiment remains bullish, and Ethereum has shown a overall gain of 14.48% in the last week with growing volume, suggesting long-term optimism. The market for Ethereum is likely to remain volatile but with potential for growth.
