Ethereum Sees 30% Rally as Analyst Identifies Path to $5,363

Ethereum has seen significant price movements in recent weeks, with a 30% rally that briefly pushed its price above $2,500. The altcoin's MVRV Ratio formed a golden cross above its 160-day moving average on August 19, a sign of growing buying pressure.

Crypto analyst Ali Martinez points to stronger whale accumulation as evidence of increasing demand for Ethereum. 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 resistance zone between $2,722 and $2,970. If it breaks through this level, the next major MVRV Pricing Band is near $5,363 at the 2.4 level.

The analyst also notes that Ethereum has reached its 200-week moving average for the 11th time in the past five years, a repeated pattern in the crypto asset's price history. Each time it has moved below this level, it has later returned to the moving average.