Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target
March 13 2024 - 1:00PM
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Ethereum is currently looking to gain a strong footing above the
$4,000 price level as bullish momentum continues to dominate.
According to crypto analyst Ali Martinez, this bullish momentum
could continue and Ethereum could as well reach $5,000 very soon.
Ali Martinez made this known while citing data from IntoTheBlock,
noting that the second biggest cryptocurrency still has room to run
to $5,000, albeit a small resistance around $4,522 to $4,646.
Ethereum Path To $5,000 Looks Increasingly Clear As Resistance
Dwindles Ethereum’s momentum has been building for weeks amidst a
broader crypto market increase, which has seen many
cryptocurrencies reach new highs. The price of Ethereum has
increased by 53% in the past 30 days alone, leaving investors to
wonder how high it can keep going and whether it can follow in
Bitcoin’s footsteps and attain a new all-time high. Related
Reading: Solana Demand Soars As Institutions Buy Up SOL At A
Massive 870% Premium In a social media post on X, Martinez noted a
$5,000 price point is in the books “as resistance thins.” However,
a key hurdle remains at $4,522-$4,646, where 600,000 addresses hold
1.63 million ETH. Despite this resistance hurdle, Martinez believes
a $5,000 price point is inevitable while noting that the only
question left is when this will manifest. #Ethereum path to $5,000
looks increasingly clear, as resistance thins. The key hurdle? A
supply zone at $4,522-$4,646, where 600,000 addresses hold 1.63
million $ETH. It’s not a matter of if, but when!
pic.twitter.com/LMvw3kjrEW — Ali (@ali_charts) March 11, 2024 The
analyst made this prediction using IntoTheBlock’s “In/Out of the
Money Around Price” metric, which tracks the number of holders
making money at the current price. Interestingly, the metric
indicated that 7.64 million ETH, representing 75.95% of the volume
bought between $3,428 and $4,646, are making money at the current
price. Ethereum is trading at $4,058 at the time of writing
on the back of a minor correction after reaching a two-year high of
$4,084. If bullish momentum continues and ETH can close the week
above $4,175, that could pave the way for a quick move to $4,500
and potentially past its current all-time high of $4,891 to set a
new one. Related Reading: Cardano Price About To Explode: Crypto
Pundit Reveals Next Target Current price action shows Ethereum has
created a support around $3,950 during its move up to $4,000. As
long as this price level continues to hold, the overall bullish
trend remains intact. But a break below $3,920 could signal a
deeper correction to $3,800. Increased blockchain activity on
layer-2 networks has pushed gas fees to new highs. As a result,
developers are getting ready to roll in a Dencun upgrade, which is
supposed to usher in a new era of cheaper fees. The Dencun upgrade
is the first change to Ethereum’s 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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