Ethereum (ETH) had a wild week – big gains followed by even bigger losses. One analyst thinks we might be in for a serious price jump, though.
Will Ethereum Rally to $3,260?
As the second-largest cryptocurrency, Ethereum’s price is a big deal for traders, especially with uncertainty around an “altseason” (a period where altcoins outperform Bitcoin). Analyst Ali Martinez looked at data from Glassnode, a crypto analytics firm, to figure out what might happen next.
Glassnode uses something called the MVRV (Market Value to Realized Value) metric to see if an asset is over or undervalued. Their charts show support and resistance levels based on historical price trends. Martinez’s analysis shows a key support level for Ethereum at around $2,350.
If Ethereum can break through this $2,350 level, Martinez predicts a possible price surge. His initial target is around $3,528 (a roughly 51% increase from the current price). If the rally is strong enough, it could even reach $4,164.
But if Ethereum fails to hold the $2,350 support, things could get worse. Martinez says it could drop to as low as $1,444.
Current ETH Price and Whale Activity
Right now, Ethereum is trading around $2,134. That’s down about 2% in the last 24 hours and almost 5% for the week. Over the past month, it’s dropped by about 24%. Despite this, some big Ethereum investors (“whales”) are buying up ETH. They’ve reportedly bought 1.1 million ETH in just 48 hours, showing confidence in the future. Another bullish sign: 330,000 ETH have been moved off exchanges.
Altseason Speculation
Other analysts are debating whether an “altseason” is coming. Some experts think it’s likely, suggesting investors should buy some top altcoins. However, the CoinMarketCap altseason index is currently low, suggesting Bitcoin is still dominating the market.
