Ethereum (ETH) has made a significant breakthrough in its price movement, surging above the $2,200 mark, joining Bitcoin’s market rally past $40,000. At the time of reporting, ETH is trading at $2,212, marking a 2.54% rise, with a market cap of $266 billion. This climb has extended its weekly gains by more than 9%.
Crypto analysts are suggesting that Ethereum’s upward momentum might continue, especially after breaking past the $2,200 resistance. Renowned analyst Ali Martinez highlights a significant observation: a considerable volume of 43.8 million ETH tokens were acquired within the $1,900 to $2,100 range by 5.85 million wallets, as per data from IntoTheBlock.
Martinez interprets this data as a potential indication of robust support levels for Ethereum in the future, presenting an opportune moment for investors to consider entering the market.
Analyst Insights: Ethereum’s Buying Opportunities
Additionally, Martinez anticipates a promising trajectory for Ethereum if it maintains a consistent weekly candlestick close above $2,150, foreseeing the potential for an exciting uptrend in ETH’s price. With specific targets outlined, Martinez suggests a potential rally towards $2,600 and possibly soaring to $3,500, signalling a bullish trend for Ethereum in the foreseeable future.
In terms of Ethereum’s performance in December, the recent surge surpassed the critical resistance level of $2,133, indicating a likelihood of further upward movement driven by buyer activity. A retest of this level as new support could solidify the buyer’s ability to sustain these elevated price levels.
Comparatively, Bitcoin and Ethereum have both experienced significant momentum since mid-October. Bitcoin’s price recovery stands out, displaying a consistent pattern of higher highs and lows, demonstrating a robust performance. Meanwhile, Ethereum’s blockchain progress is notable, highlighted by a remarkable 99% reduction in energy use, as reported in its latest sustainability report.
Also Read: Cryptocurrency Market Update: Weekly Winners & Losers
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