
Ethereum could target $5,000 if it breaks the 2,722-2,970 resistance zone, analyst Ali said.
Whale addresses holding over 10,000 ETH rose 1.74%, while more than 180,764 ETH left exchanges in one week.
ETH's MVRV crossover preceded a 34% gain, while analysts identified $2,235 as potential support before further upside.
Ethereum could target $5,000 if it clears a major resistance zone between $2,722 and $2,970, analyst Ali said. On Aug. 19, Ethereum’s MVRV Ratio crossed above its 160-day moving average, followed by a 34% rise. ETH climbed from $1,905 to $2,547, while whale accumulation and exchange withdrawals also increased.
Whale Buying Adds to Ethereum’s Recent Advance
Ali said the number of addresses holding more than 10,000 ETH rose 1.74% over the past week. That added 17 new whale addresses to the network. Meanwhile, more than 180,764 ETH left exchanges during the same period.
Ali valued those withdrawals at roughly $440 million, citing them alongside rising whale holdings. After the Aug. 19 MVRV crossover, ETH had traded near $1,880 to $1,900 between Aug. 16 and Aug. 19.
However, the price then broke through $2,000, $2,100 and $2,200. ETH later reached the $2,500 to $2,520 area before entering a sideways range.
$2,722 Resistance Becomes the Main Hurdle
Ali identified $2,722 to $2,970 as Ethereum’s main resistance zone. URPD data shows that 16.70 million ETH previously changed hands across this range. Therefore, a sustained move above the zone would remove the supply wall identified by Ali.
He said the next major MVRV pricing band sits near $5,363 at the 2.4 MVRV level. However, Ali also said Ethereum could first fall toward its realized price near $2,235. He described that move as reasonable before a possible advance toward the 2.4 MVRV band.
The latest market data places ETH near $2,456. Support sits around $2,400 to $2,420, while deeper support remains near $2,300 to $2,350.
Momentum Remains Positive but Measured
ETH’s RSI is at 54.91, with its average near 54.52. The reading remains above the neutral 50 level without reaching overbought territory. Meanwhile, the MACD shows limited short-term momentum. Its histogram is at -0.02, while the MACD and signal lines are at 6.18 and 6.21.
Source: TradingView
The $2,500 to $2,520 area remains in immediate resistance on hourly readings. A break above that zone would strengthen the near-term advance, while failure could keep ETH ranging or pull it toward $2,400.
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