Analyst Predicts Potential Decline in Ethereum Price
Analyst Ali has recently pointed out a concerning pattern in the 3-day Ethereum chart that could indicate a decline towards $1,700 in the near future.
Ethereum’s TD Sequential Sell Setup
In a recent tweet, analyst Ali discussed a sell signal that has emerged in the ETH 3-day chart. This signal is related to the “Tom Demark (TD) Sequential,” a technical indicator used to identify potential reversals in asset prices.
According to Ali, Ethereum has completed the setup phase of the TD Sequential, suggesting that the cryptocurrency may be on the verge of a downtrend.
Ali also pointed out an ascending triangle pattern in the same chart, indicating that Ethereum has been retesting the $2,000 to $2,150 zone, aligning with the resistance level of the triangle. This could potentially lead to a dip towards the triangle’s hypotenuse at $1,700, setting the stage for a potential uptrend continuation.
ETH Price Movement
Despite recently rising above $2,100, Ethereum has experienced a pullback in the past day, signaling that the sell signal may already be taking effect.
It is important to note that if Ethereum can achieve a 3-day candlestick close above the $2,150 level in the coming days, the bearish outlook could be nullified.
It will be crucial to monitor Ethereum’s price movement in the coming days to see if the predicted decline materializes or if the cryptocurrency is able to reverse its current trend.
Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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