Ethereum Targets Key Support Level at $2,350 for Potential Price Rally
Ethereum (ETH) faced significant price fluctuations this week, with a notable decline of 4.77% over the past week and 23.58% in the last 30 days. Current trading price stands at $2,134.
Market Insights
- Analyst Ali Martinez highlighted critical MVRV pricing bands indicating potential support at $2,350.
- A successful reclaim of this level could lead to a rally towards $3,528 (51.95% gain) or even up to $4,164.
- Failure to maintain the $2,350 support may result in a drop to $1,444.
Investor Behavior
- Ethereum whales accumulated 1.1 million ETH in 48 hours, showing confidence in future price increases.
- 330,000 ETH were moved off exchanges, further supporting bullish sentiment.
Market Sentiment
- Experts speculate on an upcoming altseason, urging investors to consider "blue-chip altcoins."
- Current altseason index indicates strong Bitcoin dominance.