Ethereum Bulls Eye $5,363 as Resistance Zone Looms

Ethereum saw a significant price surge in its weekly move, rising by 30% and briefly reaching $2,500.

Crypto analyst Ali Martinez believes that if Ethereum clears a major resistance zone between $2,722 and $2,970, it could be on a path toward $5,363.

The analyst pointed to stronger whale accumulation and growing buying pressure as indicators of this potential move. The number of addresses holding more than 10,000 ETH has increased by 1.74%, with 17 new whale addresses joining the network over the past week.

However, Ethereum still faces a major supply wall in the $2,722 to $2,970 range. If it breaks through this zone, the next MVRV Pricing Band is near $5,363 at the 2.4 level.