Market analyst Ali Martinez, known for his expertise in the cryptocurrency market, has made a bold prediction regarding Ethereum’s future. Despite Bitcoin inching closer to its all-time high of $74,000, Ethereum still has a long way to go to reach its peak price. Currently, the popular altcoin is 45.21% away from its highest-ever traded price of $4,891, which was achieved in November 2021.
The disparity in performance between Ethereum and other top-tier assets is quite evident. In the past 30 days, Bitcoin has experienced a 13.53% increase, while Solana has seen a 14.53% rise. In contrast, Ethereum has only managed a 2.21% growth within the same timeframe.
However, despite this underwhelming trend, Ethereum recently found support at $2,400, which is the lower boundary of its ascending channel spanning several months. Ali Martinez believes that this rebound from the support level indicates that Ethereum is poised for a significant surge in the near future, surpassing its previous all-time high and reaching unprecedented price levels.
In a post on October 29, Martinez stated that Ethereum is ready for an upward move towards the $6,000 price mark after successfully defending the $2,400 support. This bullish sentiment is further reinforced by Ethereum’s recent performance, as it bounced back from a low of $2,391 on October 26, surging over 11% to its current market price.
Martinez’s price target aligns with the ascending channel, with the $6,000 zone identified as the upper boundary of Ethereum’s price structure. Achieving this milestone would represent a 123% increase from the current market price.
Short-term analysis from The Crypto Basic suggests that Ethereum is targeting a price range between $2,750 and $2,875, following its successful defense of the support level. The asset has shown sustainable bullish momentum, as evidenced by five consecutive green candles.
On-chain analysis from IntoTheBlock also supports the notion of increasing momentum for Ethereum. The concentration of whale positions has turned bullish, indicating that large Ethereum holders anticipate higher prices. Additionally, the futures market momentum stands at 0.75, suggesting that most derivative traders are bullish on the second-largest cryptocurrency. However, the net network and large transaction indicators indicate market neutrality.
As of now, Ethereum is trading at $2,684, representing a 2.39% increase in the past 24 hours.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are solely those of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
