Ethereum is on the rise, and crypto analyst Ali Martinez predicts it could reach $5,000 soon.
Resistance Ahead
While Ethereum is currently hovering around $4,000, it faces some resistance at $4,522-$4,646. This resistance comes from 600,000 addresses holding a significant amount of ETH.
Bullish Indicators
Despite the resistance, Martinez believes Ethereum’s bullish momentum will continue. He cites data from IntoTheBlock, which shows that 75.95% of ETH bought between $3,428 and $4,646 is currently profitable.
Key Levels
If Ethereum can close the week above $4,175, it could pave the way for a move to $4,500 and potentially set a new all-time high.
Support and Resistance
Ethereum has created a support level around $3,950. As long as this level holds, the bullish trend remains intact. However, a break below $3,920 could signal a deeper correction.
Layer-2 Upgrades
Increased activity on layer-2 networks has led to high gas fees. To address this, developers are preparing to implement the Dencun upgrade, which aims to reduce fees. This upgrade is the first major change to Ethereum’s blockchain code in over a year.
