Ethereum ETH Price Skyrockets Past $2,200, Next Stop $3500?
Ethereum has exploded through critical resistance levels in recent days, rising more than 9% last week to above $2,250. As the on-chain data shows a frenzy of accumulation between $1,900-$2,100, a rally is coming which is leading analysts to believe that this zone will now be the next leg of support for Ethereum.
Main points
Ethereum price crosses above $2200, up more than 9% last week 43.8 million ETH bought between $1,900-$2,100 in recent chain data This price zone may now be a support level for an analyst Ali Martinez Next key price Ethereum is $2,600. , then the $3,000 Solana is seeing great momentum, up 13% over the past week and 236% over the past 3 months.
According to data aggregation site IntoTheBlock, 43.8 million ETH have been accumulated by 5.85 million addresses in a narrow price channel between $1,900 and $2,100 in recent weeks. Crypto analyst Ali Martinez said this high rally period will turn the price range into a strong support zone for Ethereum moving forward.
The rally has already pushed Ethereum past the $2,150 threshold needed to ensure the bull market is back in full swing, according to Martinez's analysis. With prices consolidating above $2,190 and rising bullish sentiment across crypto markets, analysts see the next key price levels for Ethereum at $2,600 and then $3,000 in short order.
The optimism surrounding Ethereum is the parabolic trajectory of the so-called “Ethereum killer” Solana, which has gained more than 236% in the past three months. Solana recently crossed $64 and may establish a new price floor in the $50 range. Solana's spectacular breakout could fuel similar excitement around Ethereum as investors flock to the smart contract platform.
After surging 11 percent over the past seven days, Bitcoin has crossed the $40,000 mark this week. Some analysts attribute Bitcoin's growth to increasing speculation surrounding the approval of BTC exchange-traded funds (ETF) in the US. The SEC's ruling could set the stage for billions in institutional earnings. But whatever the motivation, the reawakened bullish excitement seems to be spilling over into the wider crypto sphere.
After breaking through the critical move above $2,000, Ethereum came up and a break above $2,600 confirms that the next bull market is underway. A breach of $3,000 would confirm a breakout as Ethereum tries to push higher to an all-time high near $4,850. For crypto investors, this week could signal a turning of the tide to a rising sea of green.
