Ethereum’s Bullish Momentum Prevails Despite Potential Correction

Ethereum’s price has risen 3.13% in 24 hours and 14.57% in 7 days, reaching $2,569.59.
Analyst Ali Martinez predicts a potential ETH correction, citing a TD Sequential sell signal and identifying $2,530 as a support level.
Investor sentiment remains bullish, driven by expectations of a US Ether spot ETF and CoinCodex’s forecast of a 6.85% price increase to $2,731.76 by January 18, 2024.

Ethereum’s (ETH) recent performance in the crypto market has been marked by notable gains, reflecting a 3.13% increase in the last 24 hours and an impressive 14.57% surge over the past seven days, bringing its value to $2,569.59.

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Renowned crypto analyst Ali Martinez has provided valuable insights into Ethereum’s potential correction using the Tom Demark (TD) Sequential indicator. Martinez’s analysis points to a sell signal on the Ethereum four-hour chart, signaling a possible downturn with a support level at $2,530 following its recent surge above $2,700. This surge was a response to the US Securities and Exchange Commission’s (SEC) approval of Bitcoin spot exchange-traded funds (ETFs) on US securities markets.

In a subsequent post, Martinez reiterated the prediction, emphasizing that failure by Ethereum bulls to maintain the coin’s value above $2,530 could potentially lead to a drop to $2,450. Despite this cautious outlook, Martinez believes the current negative price movement is likely a correction rather than a more significant downturn.

Investors continue to exhibit optimism surrounding Ethereum, driven in part by the anticipation of a potential Ether spot ETF approval in the US. CoinCodex’s Ethereum price prediction further supports the positive outlook, forecasting a 6.85% price increase to $2,731.76 by January 18, 2024.

Technical indicators currently suggest a bullish sentiment, and the Fear & Greed Index registers at 64, indicating a state of greed in the market. Despite the short-term correction signals, Ethereum’s overall trajectory remains optimistic.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.