Crypto analyst, Ali Martinez, predicts a clear path for Ethereum (CRYPTO: ETH) to reach $5,000, with the main obstacle being a supply zone between two key levels.
What Happened: On Sunday, Martinez posted on X, formerly Twitter, about Ethereum’s potential rise, stating, “#Ethereum path to $5,000 looks increasingly clear, as resistance thins. The key hurdle? A supply zone at $4,522-$4,646, where 600,000 addresses hold 1.63 million $ETH. It’s not a matter of if, but when!”
This week, Ethereum has shot up nearly 10% and is currently trading above the psychologically important $4,000 mark. The all-time high by the coin was achieved on Nov. 16, 2021, when it hit $4,891.70. It is currently 17.2% below that mark.
Ethereum’s 24-hour trading supply has shot up by 56.4% to $24.63 billion. Meanwhile, the average transaction fee stands at $2.33, at the time of writing. The transaction fee has risen 58.2%, compared with a year ago.
Why It Matters: This prediction comes in the wake of Ethereum’s significant increase, crossing the $4,000 mark. The surge in Ethereum’s price is attributed to several factors, including the upcoming Dencun upgrade and the potential approval of an Ether spot ETF in May.
The anticipation of an Ether spot ETF approval in May is seen fueling the price rally. The Securities and Exchange Commission’s approval of over 10 spot Bitcoin (CRYPTO: BTC) ETFs in early 2024 led to a significant price increase for Bitcoin. The same is expected for Ethereum.
Given these factors, Martinez’s prediction of Ethereum reaching $5,000 seems increasingly plausible. However, the journey to this milestone is not without hurdles, with the main one being the supply zone between $4,522 and $4,646.
Price Action: At the time of writing, Ethereum traded at $4,039.86, a gain of 4.8% over 24-hours, according to data from Benzinga Pro.
Photo by Tomasz Makowski on Shutterstock
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