The price of the second-largest cryptocurrency by market capitalization Ethereum ($ETH) could soon surge significantly as a key technical indicator is currently suggesting ETH could “see a rebound of one to four candlesticks” on its daily chart.
That’s according to popular cryptocurrency analyst Ali Martinez, who recently noted that the TD Sequential is presenting a “buy signal” on Ethereum’s daily chart, which comes at a time in which the cryptocurrency has been significantly underperforming the flagship cryptocurrency Bitcoin.
While Ethereum is up over 30% year-to-date and more than 50% over the last six months, the flagship cryptocurrency is up over 52% so far this year and has risen approximately 78% over the past six months.
The TD Sequential indicator is a popular tool among traders and analysts for identifying potential buy or sell signals in the market. Developed by Tom DeMark, the indicator is designed to forecast the timing of price points where a trend could exhaust itself and reverse.
It does this through a series of numbers (sequentials) plotted on price charts, which are based on specific criteria related to the closing price of an asset over a set number of periods. When the indicator signals a “buy,” it implies that the asset’s price is likely to increase, making it an opportune time for investors to consider entering the market.
As CryptoGlobe reported the Ethereum Foundation, the non-profit organization funding the critical development of Ethereum-related technology, has recently moved 1,000 ETH worth around $3 million to a new wallet, raising eyebrows given the Foundation’s history with its wallet movements.
According to data from SpotOnChain, the Ethereum Foundation moved $3 million worth of the second-largest cryptocurrency by market capitalization in a transaction that has added to an additional 4,000 ETH the organization had moved to this address.
Among these tokens, the data shows 1,766 ETH have been sold for 4.81 million DAI tokens at an average of $2,725 per ETH “often ahead of a price drop.” The new wallet currently holds 2,508 ETH worth $7.5 million.
It’s worth noting that the Ethereum Foundation famously cashed out ETH before at the very top of the bull market, moving 20,000 ETH to popular cryptocurrency exchange Kraken when the cryptocurrency was trading close to $4,900, its all-time high.
Featured image via Unsplash.
