Ethereum Rockets Past $2,200, Sets Sights on $3,500

2023-12-04 08:56:56

Ethereum has gone past its $2,000 resistance level, targeting $2,600 and $3,500 price points
Crypto analyst Ali Martinez believes that Ethereum could turn its $1,900 to $2,100 price range to a new support level in the future following reports that 43.8 million ETH were purchased within that zone

Ethereum (ETH) only needed a few days to break multiple resistance levels to enter the $2,000 price zone after months of “little movement” and a “gradual downward trend.” This only lasted for a moment as the asset took some steps back to hover within the $1,800 and $1,900 price range.

According to the latest market data, the second largest crypto by market cap has breached the $2,000 resistance level in a 9.31 percent weekly run to send the price to $2,248.53. In the last 24 hours, Ethereum has surged by 3.8 percent and recorded a perfect score of 100/100 in the bullish market sentiment readings

Earlier, crypto analyst Ali Martinez predicted that Ethereum would be in a perfect position for buying opportunities when it goes past $2,000. This was in reference to the IntoTheBlock data that shows that 43.8 million ETH were purchased within the price range of $1,900 to $2,100. Interestingly, this was done by 5.85 million wallets. According to Martinez, investors can still “enter the moving train” as the above-stated range could certainly become a support level for the asset in the future

Martinez further made a huge prediction that bordered around the asset consistently recording a weekly candlestick slightly above $2,150. According to him, Ethereum may surge to the moon in such a situation. The current price indicates that the asset has gone past that expected price point

The Next Targets for Ethereum (ETH)

From the current price and the existing market sentiment, Ethereum is expected to hit $2,600 according to Martinez. Once this price point is achieved, $3,000 will be realized in no time. The reason has been linked to the fact that Ethereum is currently above its critical resistance level of $2,133. Once confirmed as the new support level, the asset could breach the next resistance zone

A crypto price prediction platform has confirmed this prediction after considering multiple factors. According to the analysts behind the data, Ethereum could hit $2,698.24 this year, and that would be the worst it can go. On average, the price is expected to hit $3,372.80. Ethereum also has the potential to go as high as $4,047.36 before December 31, 2023, according to the prediction

Another crypto asset that is showing no sign of slowing down yet is Solana. Solana is currently up by 236.61 in the last three months to trade at $64.60. In the last seven days, it has recorded a surge of 13 percent with a bullish market sentiment at a score of 85/100

Bitcoin has also breached the $40k resistance level to hit $41,471.76 after surging by 5 percent in the last 24 hours. Its weekly gain is currently around 11 percent, and its bullish score is 88/100

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