Seasoned market analyst Ali Martinez predicts that Ethereum, the second-largest cryptocurrency, will hold key support before surging past all-time highs to a new price.
Even though Bitcoin is less than 2% away from reaching its goal. Best ever At around $74,000, Ethereum is still miles away from its peak price. The king of altcoins is 45.21% away from its all-time high trading price of $4,891, which it achieved in November 2021.
In particular, the difference in Ethereum's performance compared to its stronger assets remains evident. As a backdrop, Bitcoin rose 13.53%; Solana While it was 14.53% in the past 30 days, Ethereum has operated only 2.21% in the same period.
Ethereum recent overwhelming The trend has returned to the key support at $2,400, the lower end of a multi-month ascending channel. Amid the pullback from the trend line, market expert Ali Martinez asserted that Ethereum will surpass its all-time highs in the short term and soar to unprecedented price levels.
Ethereum is poised to soar to $6,000
On October 29th postMartinez shares that Ethereum appears poised to rise to the $6,000 price mark after holding a key demand zone. Market experts pointed out that the altcoin king had successfully defended himself. Supported at $2,400 It signals an impending bullish rally.
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Notably, Ethereum has rebounded from its October 26 low of $2,391, jumping more than 11% from that level to its current market price. With support preventing further declines, Martinez asserted that Ethereum can surpass its all-time high of $4,891 and reach an all-time high of $6,000.
The target price continues its upward channel, with Martinez identifying the upper end of the asset's price structure as the $6,000 zone. Notably, the jump to unprecedented levels involves a 123% jump from current market prices.
Ethereum price analysis
On the other hand, CryptoBasic analysis indicates that in the short term, Ethereum is targeting a price range between $2,750 and $2,875 after holding support. The asset showed sustained bullish momentum after printing five consecutive green candlesticks.
Additionally, data from Into the Block It shows that Ethereum is gaining momentum as on-chain analysis has mostly turned in its favor. The concentration of whale positions turned bullish, indicating expectations for price appreciation among large Ethereum holders.
Additionally, the futures market momentum is 0.75, indicating that most Ethereum derivatives traders are bullish on the second-largest crypto asset. However, the net network and large trading indicators indicate market neutrality.
At the time of writing, Ethereum was trading at 2,684, up 2.39% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
