Ethereum (ETH) showcased a volatile market movement recently, initially surging over 9% to $2,711 and then declining. It now sits around $2,500. Crypto analyst Ali Martinez pointed out crucial support at $2,480, suggesting a potential rebound if ETH maintains this level.
Martinez noted a buy signal via the TD Sequential on Ethereum’s 4-hour chart, indicating possible price recovery. However, a drop below $2,480 could see ETH fall to $2,200, whereas holding the support could push the price back to $2,700.
Market analyst Michaël van de Poppe supports the notion of resilience in Ethereum’s price, despite broader economic indicators. If ETH successfully surpasses $2,700, it might further climb to $3,200. He also anticipates Ethereum to potentially outperform Bitcoin soon.
Currently, Ethereum is trading at $2,514 and reported recent gains in both weekly and monthly terms. The altcoin's daily trading volume has increased, reaching $20.85 billion, reflecting active market engagement around this key price support.
