Ethereum price seems to be gaining momentum after a few weeks following Bitcoin’s remarkable price performance. After starting the week with sluggish price action, the acclaimed “king of the altcoins” is back above the $4,000 mark for the first time since March.
Evaluating the current market climate, the price of Ethereum did not really impress this weekend, as it struggled to hold above $4,000. However, prominent social media analyst X believes that the price of Ethereum looks poised to return to its all-time high of the last cycle.
Is The New Top In ETH Cards?
On Saturday, December 7, famous crypto analyst Ali Martinez took to the X platform to share interesting chain details about Ethereum price action. According to the crypto pundit, the price of the altcoin seems to face zero obstacles to reach its record high of $4,878 and possibly create a new one.
This on-chain observation is based on the average cost base of several Ethereum investors. The chart below shows the distribution of tokens at the current Ethereum price, according to data from IntoTheBlock.
Source: Ali_charts/X
The size of the dots corresponds to the token values ​​purchased within a certain price bracket while showing the importance and strength of each level – as a resistance or support area.
As noted in the highlighted chart, there has been very little buying activity ahead of Ethereum’s current price, suggesting that there is no resistance to the altcoin’s rise. According to Martinez, the only level of “modest” resistance in front of the price of Ethereum is around the level of $ 4,540.
Data from IntoTheBlock shows that more than 608,960 addresses bought 668,980 ETH tokens in the price range between $4,474 and $4,598. Although this level of buying activity is very small – as shown by the size of the dots in the highlighted chart, it appears to be the only major resistance area ahead of the Ethereum price.
Martinez, however, pointed out that the bullish forecast appears to be the strongest narrative for ETH at the moment. The crypto analyst expects it to stay this way as long as the price of Ethereum maintains its hold above the demand area of ​​$3,560. According to data from IntoTheBlock, 3.4 million addresses bought 5.1 million tokens between $3,514 and $3,634, making the region a strong support zone.
Ethereum Price At Glance
As of this writing, the price of ETH continues to hover around the $4,000 mark, indicating a decrease of about 2% in the last 24 hours. According to data from CoinGecko, the price of the altcoin has increased by almost 10% in the last seven days.
The price of Ethereum on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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