Ethereum Price Surges as Analyst Predicts $5,000 Target
Ethereum's recent price surge has left many wondering if it can continue to rise. Analyst Ali Martinez believes that the asset could hit $5,000 if a critical resistance zone is cleared.
The MVRV Ratio formed a golden cross above its 160-day moving average on August 19, which has often preceded substantial upside moves in the past. Since then, Ethereum's price has surged approximately 34%, climbing from around $1,905 to a high near $2,547.
Whale accumulation and exchange outflows are also supporting the bullish technical setup. The number of addresses holding more than 10,000 ETH has increased 1.74% over the past week, with 17 new whale wallets appearing on the network.
However, Ethereum still faces a significant hurdle in the form of a dense supply zone between $2,722 and $2,970. A clean break above this area would open the door to higher targets, including the next major MVRV pricing band near $5,363.