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Ethereum seeks to support $2,500—Will there be a price increase?


Ethereum (ETH) had a volatile trading week with significant gains and losses. It is noticeable that a well-known market expert has identified a vital market circumstance that may cause the market to flourish.
With doubts about Altcoin season, Ethereum's price behavior is crucial for traders as the second largest cryptocurrency. An interesting Ethereum market analysis based on GlassNode's MVRV extreme price deviation ranges was published on platform X on March 7.
Market value to perceived value is used (MVRV) to determine overvaluation or undervaluation of assets. MVRV price ranges show the value of assets compared to past price movements. These ranges indicate overbought or oversold conditions with noticeable support and resistance zones.
Martinez's Glassnude data suggests that Ethereum's immediate hurdle to the upside is the -0.5σ price zone around $2,350. When Ethereum bulls manage to generate enough demand to restore this support level, price rallies may follow previous market cycles.
Martinez proposes Ethereum's average price range of $3,528 as the first upside target, an increase of 51.95% from its current market price. Further price gains are likely with strong bullish momentum, targeting the +1.0σ price zone at $4164.
However, failure to restore the $2350 support could deepen Ethereum's decline. GlassNode data suggests that Ethereum may fall below $1444, near the price zone of -1.0σ.
Ethereum is down 1.89% in 24 hours to $2,134 at the time of publication. A weekly loss of 4.77% and a 30-day decrease of 23.58% indicate the negative attitude of Ethereum traders.
Despite the low price, Ethereum whales remain optimistic and are collecting more. Martinez provided other statistics showing that these whales bought 1.1 million Ethereum in 48 hours, indicating their strong belief in increasing the price of Ethereum.
In other news, commentators are still speculating about Altcoin season. Altcoin season is supported by crypto specialist Michael van de Bob, who encourages investors to invest in "high-quality altcoins." Former Binance CEO Changping Zhao has recommended market enthusiasts the Altcoin Season index from CoinMarketCap, which is 14 in favor of Bitcoin.
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2Goodbyevip
· 03-09 00:36
Do your own research (DYOR) 🤓
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