Following the recent approval of the Ethereum Spot Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC), the crypto space has been flooded with several market analyses, projecting ETH’s potential for massive price appreciation.
Notably, Ethereum has been among the best-performing cryptocurrencies over the past few weeks, having registered 26.4% and 15.6% increments, respectively, in its 14-day-to-date and month-to-date indices, according to the coin’s data on popular crypto assets tracking platform, CoinGecko.
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The Ether-based coin is selling at about $3,700, reflecting a slight 1.4% decline that has seen it stabilize between a $3,640.18 minimum price and a $3,856.33 peak value. All things being equal, it is safe to say that the stage appears set for Ethereum’s major rally, which prominent market analyst Armando Pantoja speculated in one of our most recent news articles.
Analyst Forecasts Ethereum’s Market Cap to Exceed Bitcoin’s Following ETH ETF Approval#ethereum #bitcoin #ETFhttps://t.co/4AiV5TnhUS
— Crypto2Community (@Crypto2Comm) May 24, 2024
Amid the whole frenzy and hype hovering around Ethereum’s price action, another renowned market expert and chartist, Ali Martinez, has waded into the token’s price debate, projecting ETH’s imminent trajectory to hitting a new price all-time high (ATH) at about $5,000.
Interestingly, Ali Martinez’s price forecast mirrored Ethereum’s actions on the In/Out Of The Money Around Price (IOMAP) chart, making his analysis stand out among the numerous price projections gracing the crypto market with heightened hope and enthusiasm.
Martinez Highlights ETH Support Levels Based On Accumulation Volume
Projecting Ethereum price support levels, Martinez employed the statistics from the IOMAP, which revealed that more than 1.81 million addresses had purchased approximately 1.66 million ETH at selling prices ranging between $3,820 and $3,700.
The market analysis spotlighted the prices above as Ethereum’s first support levels, which invariably implies that ETH would stabilize or possibly orchestrate a price bounce back once it declines to either $3,820 or $3,700.
Considering a scenario where the first set support levels fail to hold, Martinez noted that a further step down to price marks between $3,580 and $3,462, where 3.13 million addresses purchased over 1.50 million, would serve as potent supports.
Based on the IOMAP, over 1.81 million addresses bought around 1.66 million $ETH between $3,820 and $3,700. This demand zone could keep #Ethereum’s price at bay amid increasing selling pressure.
But if it fails to hold, the next key area of support is between $3,580 and $3,462,… pic.twitter.com/grSHL4w4Gj
— Ali (@ali_charts) May 24, 2024
Resistance Levels Impeding Ethereum’s Potential $5,000 Ascent
Having highlighted Ethereum’s possible support levels, Martinez shifted his attention to potential constraints that could hinder ETH’s anticipated rally.
According to the crypto chartist, Ethereum’s most significant resistance will play out at price levels between $3,940 and $4,054, where more than 1.16 million addresses have procured about 574,660 ETH.
In addition, Martinez noted that breaking above the highlighted constraints and eventually printing a daily candlestick relatively around the $4,170 price region would set the stage for Ethereum’s uninterrupted price ascent to a potential $5,000 price target, reflecting an estimated 35.13% increment from the token’s current selling price and a new ATH.
On the other hand, the most important resistance barrier for #Ethereum is between $3,940 and $4,054. Here, over 1.16 million addresses had previously purchased around 574,660 #ETH.
If $ETH overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish… pic.twitter.com/dsIAIwLsOC
— Ali (@ali_charts) May 24, 2024
Ethereum Risk Assessment Analysis Records Improvements
Ethereum’s risk assessment analysis on Coincodex revealed the Ether-base token has registered significant improvement in its indices. Interestingly, the coin bears no risk concerns except the apparent challenge to outperform Bitcoin (BTC).
However, considering that all odds seem to be in altcoins’ favor, there are chances that Ethereum could still eventually exceed the flagship cryptocurrency in market actions. Before then, ETH enthusiasts should keep basking in their newfound euphoria, hoping it lasts and eventually takes them to the promised land.
Read More: Ethereum Price Prediction 2024 – 2040
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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