Cryptocurrency Analyst Sets New $5,000 Target
Ethereum is currently strong foundation above The price is around $4,000 Bullish momentum continues rule. According to cryptocurrency analyst Ali Martinez, this bullish momentum could continue and Ethereum could soon reach $5,000.
Ali Martinez made this known, citing data from IntoTheBlock. The second-largest cryptocurrency noted that it still has room to rise to $5,000 despite small resistance around $4,522 to $4,646.
As resistance decreases, Ethereum’s path to $5,000 looks increasingly clear.
Ethereum’s momentum has been building for several weeks amid a broader rise in cryptocurrency markets, which has led many cryptocurrencies to reach new highs. The price of Ethereum has risen 53% in the past 30 days alone, and investors are wondering how high it can continue and whether it will follow Bitcoin’s footsteps and hit an all-time high.
In X’s social media post, Martinez noted that a $5,000 price range is in the books “as resistance wears thin.” However, the main hurdle is $4,522-$4,646, with 600,000 addresses holding 1.63 million ETH. Despite these resistance hurdles, Martinez believes a $5,000 price point is inevitable, noting that the only question remaining is when it will happen.
#Ethereum As resistance thins, the path to $5,000 looks increasingly clear. What are the key obstacles? Supply zone $4,522-$4,646, 1.63 million addresses out of 600,000 addresses $ETH. It’s not a matter of if, it’s a matter of when! pic.twitter.com/LMvw3kjrEW
— Ali (@ali_charts) March 11, 2024
The analyst used IntoTheBlock’s “In/Out of the Money Around Prices” to make this prediction. metric system, Tracks the number of holders making money at the current price. Interestingly, this indicator shows that 7.64 million ETH, or 75.95% of the volume purchased between $3,428 and $4,646, is making money at current prices.
Ethereum has since undergone minor corrections and is trading at $4,058 at the time of writing. Reached highest level in two years $4,084. If the bullish momentum continues and ETH can close the week above $4,175, I was able to open the way A quick move to $4,500 and potentially setting a new one above the current all-time high of $4,891.
Current price action shows that Ethereum has created support around $3,950 while rising to $4,000. As long as this price level continues, the overall bullish trend will remain intact. However, a drop below $3,920 could lead to a bigger correction towards $3,800.
Due to increased blockchain activity in layer 2 networks Gas prices have risen to record highs. As a result, developers are preparing for: Roll on Dencun. The upgrade is expected to usher in a new era of cheaper fees. The Dencun upgrade is the first change to the Ethereum blockchain code in over a year.
ETH price trending above $4,000 | Source ETHUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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