Ethereum

2024

Resistance

when

Ethereum is currently looking to gain a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-uptrend-4300/">strong footing above</a> the $4,000 price level as <a href="https://bitcoinist.com/ethereum-etf-showdown-hong-kong-plans-to-launch-first-overtaking-the-us/" rel="nofollow">bullish momentum continues</a> to dominate. According to crypto analyst Ali Martinez, this bullish momentum could continue and Ethereum could as well reach $5,000 very soon. 
Ali Martinez made this known while citing data from IntoTheBlock, noting that the second biggest cryptocurrency still has room to run to $5,000, albeit a small resistance around $4,522 to $4,646.&nbsp; 
<h2 id="ethereum-path-to-5-000-looks-increasingly-clear-as-resistance-dwindles">Ethereum Path To $5,000 Looks Increasingly Clear As Resistance Dwindles</h2> 
Ethereum’s momentum has been building for weeks amidst a broader crypto market increase, which has seen many cryptocurrencies reach new highs. The price of Ethereum has increased by 53% in the past 30 days alone, leaving investors to wonder how high it can keep going and whether it can follow in Bitcoin’s footsteps and attain a new all-time high.&nbsp; 
In a social media post on X, Martinez noted a $5,000 price point is in the books “as resistance thins.” However, a key hurdle remains at $4,522-$4,646, where 600,000 addresses hold 1.63 million ETH. Despite this resistance hurdle, Martinez believes a $5,000 price point is inevitable while noting that the only question left is when this will manifest. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Ethereum</a> path to $5,000 looks increasingly clear, as resistance thins. The key hurdle? A supply zone at $4,522-$4,646, where 600,000 addresses hold 1.63 million <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ETH</a>. It’s not a matter of if, but when! <a href="https://t.co/LMvw3kjrEW" rel="nofollow">pic.twitter.com/LMvw3kjrEW</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1767198960794390992?ref_src=twsrc%5Etfw" rel="nofollow">March 11, 2024</a>
</blockquote> 
The analyst made this prediction using IntoTheBlock’s “In/Out of the Money Around Price” <a href="https://app.intotheblock.com/coin/ETH/deep-dive?group=financials&amp;chart=inAndOut" rel="nofollow">metric, </a>which tracks the number of holders making money at the current price. Interestingly, the metric indicated that 7.64 million ETH, representing 75.95% of the volume bought between $3,428 and $4,646, are making money at the current price.&nbsp; 
Ethereum is trading at $4,058 at the time of writing on the back of a minor correction after <a href="https://bitcoinist.com/ethereum-eth-breaks-two-year-price-record/" rel="nofollow">reaching a two-year high</a> of $4,084. If bullish momentum continues and ETH can close the week above $4,175, that <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-3830/">could pave the way</a> for a quick move to $4,500 and potentially past its current all-time high of $4,891 to set a new one. 
Current price action shows Ethereum has created a support around $3,950 during its move up to $4,000. As long as this price level continues to hold, the overall bullish trend remains intact. But a break below $3,920 could signal a deeper correction to $3,800. 
Increased blockchain activity on layer-2 networks has pushed <a href="https://bitcoinist.com/meme-coin-madness-sends-ethereum-fees-soaring/" rel="nofollow">gas fees to new highs.</a> As a result, developers are getting ready to <a href="https://www.newsbtc.com/news/ethereum/getting-cheaper-getting-higher-ethereum-dencun-upgrade-and-the-potential-for-eth-to-rise-back-above-4000/">roll in a Dencun</a> upgrade, which is supposed to usher in a new era of cheaper fees. The Dencun upgrade is the first change to Ethereum’s blockchain code in over a year.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/5bFDttFR/" alt="Ethereum price chart from Tradingview.com" width="3286" height="1530">

Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target

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