Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target.
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.
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.
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.
