Ethereum (ETH) It made a significant breakthrough in the price movement, surging above $2,200 and joining the Bitcoin market rally above $40,000. At the time of reporting, ETH is trading at $2,212, up 2.54%, and has a market capitalization of $266 billion. This rise extends the weekly gain to more than 9%.
Crypto analysts are suggesting that Ethereum’s upward momentum could continue, especially after breaking the $2,200 resistance level. Renowned analyst Ali Martinez highlights the important observation that, according to data from IntoTheBlock, a significant amount of 43.8 million ETH tokens were acquired in the range of $1,900 to $2,100 from 5.85 million wallets.
Martinez interprets this data as a potential indicator of a strong level of support for Ethereum in the future, suggesting an opportune moment for investors to consider entering the market.
Analyst Insight: Buying Opportunity for Ethereum
Martinez also foresees a promising trajectory for Ethereum if it maintains a consistent weekly candlestick close above $2,150, predicting an exciting upward trend in the price of ETH. Martinez gave specific targets, suggesting a possible rise to $2,600 and a possible surge to $3,500, predicting a bullish trend for Ethereum in the near future.
Looking at Ethereum’s performance in December, the recent surge broke the critical resistance level of $2,133, indicating that further upside is likely due to buyer activity. Retesting this level with new support could strengthen buyers’ ability to sustain these higher price levels.
In comparison, both Bitcoin and Ethereum have experienced significant momentum since mid-October. Bitcoin’s price recovery is notable, showing a consistent pattern of higher highs and lows, demonstrating strong performance. Meanwhile, Ethereum’s blockchain advancements are noteworthy, highlighted by a massive 99% reduction in energy use, as reported in its latest sustainability report.
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