Ethereum (ETH), a leading smart contract platform, is showing signs of a potential rebound, as noted by a well-known crypto analyst.

The digital asset trader, Ali Martinez, shared with his 76,700 followers on the social media platform X that ETH’s Tom DeMark (TD) Sequential Indicator has signaled a bullish trend on its four-hour chart. This indicator is used by traders to anticipate potential changes in trends for tokens based on the closing prices of the previous 13 bars or candles.

Martinez stated, “For this bullish setup to remain valid, ETH must maintain its position above the $2,480 support level.” ETH is currently trading above this level at $2,516. The second-ranked crypto asset in terms of market cap has remained relatively stable over the past day and has seen an increase of over 3% in the last week.

In regards to Bitcoin (BTC), Martinez mentioned that the primary crypto asset is following the anticipated price trajectory outlined in late October. He stated, “After reaching $72,000, BTC is now testing the $69,000 support zone. If this level holds, BTC could climb to $78,000.” Bitcoin is currently trading at $69,601, slightly down in the past day but up by more than 4.5% in the last week.

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