It has been predicted that we might just see a new Ethereum rally soon. Check out the latest reports about this below.
ETH rally around the corner
According to a highly-regarded analyst, Ethereum (ETH) is on the brink of a rally after the second-largest cryptocurrency displayed a positive signal on the high time frame chart.
Ali Martinez, who has a following of 40,700 on the social media platform X, believes that ETH has broken out from an ascending triangle on its weekly chart and is continuing to aim for $3,400 in spite of its short-term volatility.
An ascending triangle is a technical analysis pattern that typically involves two or more equal highs and a series of higher lows, and it is often interpreted as a bullish pattern.
Ethereum is trading at $2,517 at time of writing.
According to Martinez, the Tom DeMark (TD) Sequential indicator has recently given a buy signal for the popular meme cryptocurrency, Dogecoin (DOGE).
Traders use the TD Sequential indicator to forecast potential trend reversals based on the closing prices of the 13 previous bars or candles.
Says Martinez,
“As long as the $0.074 support cluster continues to hold, DOGE has a great chance of rebounding to $0.100 or higher!”
DOGE is currently being traded at $0.080. As for Bitcoin (BTC), Martinez has pointed out that the BTC Miners’ Position Index (MPI) reached a peak of 9.43 on January 12th.
This suggests that more BTC was moved by miners than usual, indicating potential sales.
Despite a recent correction in the BTC price, it is important to stay alert. Further selling by miners could lead to a further drop in prices.
The other day, we revealed the fact that according to a well-known crypto analyst, Ethereum is poised for a significant surge after completing an extended period of consolidation.
The analyst, who goes by the name Pentoshi on social media platform X and has a following of 742,000, predicts that Ethereum will reach the $3,500 level.