Experts Predict Ethereum to Surge to $6,000 After Bearish Major Support

Veteran market analyst Ali Martinez predicts that Ethereum, the second-largest crypto asset, will break out of its all-time highs and reach new prices after holding major support.

Bitcoin is less than 2% away from its all-time high of around $74,000, while Ethereum remains far behind its peak price. The altcoin king is 45.21% away from its highest trading price of $4,891 reached in November 2021.

It is worth noting that Ethereum’s performance gap compared to its peers is still evident. For example, Bitcoin has gained 13.53% in the past 30 days, Solana has gained 14.53%, and Ethereum has only gained 2.21% in the same period.

Ethereum’s recent performance has been disappointing as it pulled back to the major support level of $2,400, the lower boundary of its multi-month ascending channel. In the process of rebounding from the trendline, market expert Ali Martinez asserted that Ethereum will surpass its previous all-time high in the short term to reach unprecedented price levels.

Ethereum Ready to Breakout to $6,000

In an Oct. 29 post, Martinez shared that Ethereum looks ready to rise to $6,000 as it holds a key demand area. The market expert noted that Ether’s successful defense of the $2,400 support level signals an upcoming bullish run.

Notably, Ethereum rebounded from its lowest point of $2,391 on October 26, rising more than 11% from that level to reach its current market price. With support levels preventing further declines, Martinez asserts that Ethereum will surpass its previous high of $4,891 to reach an all-time high of $6,000.

This price target continues the ascending channel, with Martinez identifying the $6,000 area as the upper boundary of the asset’s price structure. It is worth noting that from the current market price, reaching the unprecedented level would mean a price increase of 123%.

Ethereum Price Analysis

Meanwhile, analysis from The Crypto Basic shows that in the short term, Ethereum could target between $2,750 and $2,875 after holding support. The asset continues to demonstrate bullish momentum after printing five consecutive green candles.

Additionally, data from IntoTheBlock shows that Ethereum is gaining momentum as most conditions have turned bullish when it comes to on-chain analysis. The concentration of whale holdings turned bullish, indicating expectations of higher prices among large Ethereum holders.

Additionally, the Momentum Index for the futures market is at 0.75, indicating that most Ethereum derivatives traders are bullish on the second-largest crypto asset. However, net network traffic and large transaction indicators suggest the market is neutral.

As of writing, Ethereum is trading at $2,684, up 2.391tpt3t in the past 24 hours.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.