Ethereum has exploded through critical resistance levels in recent days, surging over 9% in the last week to peak above $2,250. The powerful rally comes as on-chain data reveals a frenzy of accumulation between $1,900-$2,100, leading analysts to believe this zone will now become the support floor for Ethereum’s next leg up.
Ethereum price surged past $2,200, up over 9% in the past week
43.8 million ETH were purchased between $1,900-$2,100 recently per on-chain data
This price zone could now become a support level per analyst Ali Martinez
Next key price targets for Ethereum are $2,600, then $3,000
Solana also seeing bullish momentum, up 13% past week and 236% past 3 months
According to data aggregation site IntoTheBlock, 43.8 million ETH were scooped up by 5.85 million addresses within the narrow price channel between $1,900 to $2,100 in recent weeks. Crypto analyst Ali Martinez suggests this intense period of accumulation will turn the price range into a solid support zone for Ethereum moving forward.
The rally has already powered Ethereum past the $2,150 threshold needed to confirm the bull market is back in full swing according to Martinez’s previous analysis. With prices consolidating above $2,190 and bullish sentiment surging across crypto markets, analysts eye the next key price levels for Ethereum at $2,600 and then $3,000 in short order.
Fueling optimism around Ethereum is the parabolic trajectory of so-called “Ethereum killer” Solana, which has gained over 236% across the last three months. Solana recently passed $64 and could be establishing a new price floor in the $50 range. The stunning Solana breakout may ignite a similar euphoria around Ethereum as investors pile back into the smart contract platform.
Bitcoin also crossed over the momentous $40,000 mark this week after adding 11% across the last seven days. Some analysts attribute Bitcoin’s rise to building anticipation around the approval of spot BTC exchange-traded funds (ETF) in the US. An SEC decision could set the stage for billions in institutional inflows. But regardless of the catalyst, the reawakened bullish exuberance appears to be spilling over to the wider crypto sphere.
With Ethereum trending upwards after its decisive move past $2,000, piercing above $2,600 would firmly signal the next bull market is underway. A subsequent breach of $3,000 would confirm the breakout as Ethereum vies to surpass its all-time high near $4,850. For crypto investors, this week may mark the turning of the tide back into a rising sea of green.