An analyst has explained how a pattern forming in the 3-day Ethereum chart could signal that a decline toward $1,700 may be coming.
Ethereum Has Recently Formed A TD Sequential Sell Setup
In a new post on X, analyst Ali talked about a sell signal that has taken shape in the ETH 3-day chart. The relevant technical indicator here is the “Tom Demark (TD) Sequential,” which is used to spot reversals in the price of any asset.
The metric is made up of two phases; a setup phase and a countdown phase. In the former, candles of the same polarity are counted up to nine following a reversal in the price. Once the ninth candle is hit, the indicator signals a probable top or bottom for the asset (depending on whether the trend until now was towards up or down).
Once the setup is completed, the 13-candle-long countdown phase begins. At the end of these 13 candles, a potential reversal once again takes place for the asset.
Ethereum has registered a sharp rally recently, but according to the anal
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