$5,000 Ethereum? Analyst Identifies the Levels That Could Decide ETH’s Next Move

Ethereum saw one of its biggest weekly moves in years after staging an impressive 30% rally. The altcoin crossed $2,500 briefly, then slipped back slightly below that level.

New data shared by crypto analyst Ali Martinez suggests that ETH could be on a path toward $5,000 if it clears a major resistance zone.

Growing Buying Pressure

On August 19, Ethereum’s MVRV Ratio formed a golden cross above its 160-day moving average. Martinez also pointed to stronger whale accumulation. The number of addresses holding more than 10,000 ETH has increased by 1.74%. In fact, 17 new whale addresses joined the network over the past week.

At the same time, the token supply is moving off exchanges. More than 180,764 ETH, which is worth about $440 million, has been withdrawn over the past week. Martinez said the trend supports the case for increasing buying pressure.

However, it still faces a major resistance zone between $2,722 and $2,970. URPD data shows that 16.70 million were previously acquired within this range, which makes it a major supply wall. If Ethereum breaks through the zone, the next major MVRV Pricing Band is near $5,363, at the 2.4 level. The analysts also noted that a rejection could first send the altcoin back toward the Realized Price near $2,235 before a potential move toward the 2.4 MVRV band.

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