The Ethereum price has faced downward pressure recently, with a significant 6% drop observed over the past week. Despite this bearish trend, the cryptocurrency found support just over the $2,400 mark, sparking analysis on potential short-term rebounds.
A well-known crypto analyst, Ali Martinez, highlighted the emergence of a promising "buy" indicator called the Tom Demark Sequential on the currency's 12-hour chart. This technical indicator suggests a potential bottoming out of Ethereum's price, hinting at an upcoming rebound.
The TD Sequential has reportedly completed its Setup phase, potentially indicating that the altcoin's price has reached its lowest point, with projections aiming for a rebound reaching as high as $2,665 before encountering significant resistance levels.
Current trading positions show Ethereum priced around $2,478, with a minimal dip of 0.1% in the last day. On-chain data highlights a negative trend, specifically the ETH coinbase premium falling to -2, indicating that major US investors are offloading their Ethereum holdings.
This selling trend might impede immediate price growth, yet the ongoing bearish period presents an opportunity for long-term investors to "buy the dip," capitalizing on a possible upward movement reinforced by established support levels and technical buy signals.
