Renowned market analyst Ali Martinez has made a bold prediction about Ethereum, the second-largest cryptocurrency. Martinez believes that Ethereum will surpass its previous all-time high and reach new price levels after finding strong support.
While Bitcoin is currently only 2% away from its highest ever price of around $74,000, Ethereum still has a long way to go. The popular altcoin is currently 45.21% below its peak price of $4,891, which was achieved in November 2021.
The performance gap between Ethereum and other top assets is evident. Over the past 30 days, Bitcoin has gained 13.53% in value and Solana has increased by 14.53%, while Ethereum has only managed a meager 2.21% growth.
Ethereum recently experienced a lackluster period, causing its price to retreat to a key support level at $2,400, the lower boundary of its ascending channel that has been forming over several months. However, Ali Martinez, an expert in the market, believes that Ethereum will soon surpass its previous all-time high and reach unprecedented price levels.
In a post on October 29, Martinez stated that Ethereum appears ready to move towards the $6,000 price mark after successfully holding a major demand zone. According to Martinez, Ethereum’s ability to defend the support at $2,400 is a strong signal of an upcoming bullish surge.
Notably, Ethereum has already rebounded from a low of $2,391 on October 26, surging over 11% to its current market price. With the support level preventing further decline, Martinez confidently predicts that Ethereum will surpass its previous high of $4,891 and reach an all-time high of $6,000.
Martinez’s price target aligns with the ascending channel pattern, with the $6,000 zone identified as the upper boundary of Ethereum’s price structure. Achieving this unprecedented level would require a 123% surge from the current market price.
According to analysis from The Crypto Basic, Ethereum is expected to target a price range between $2,750 and $2,875 in the short term, following its successful defense of the support level. The asset has shown sustained bullish momentum, with five consecutive green candles.
Furthermore, on-chain analysis from IntoTheBlock indicates that Ethereum is gaining momentum. The concentration of whale positions has turned bullish, suggesting that large holders of Ethereum anticipate higher prices. Additionally, the futures market momentum is at 0.75, indicating that most traders of Ethereum derivatives are bullish on the cryptocurrency. However, indicators for network activity and large transactions suggest a neutral market sentiment.
At the time of writing, Ethereum is trading at $2,684, representing a 2.39% increase in the past 24 hours.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed in this article are the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.