Expert Predicts Ethereum Surge to $6,000 After Holding Major Support

Seasoned market analyst Ali Martinez predicts that Ethereum, the second-largest crypto asset, will surge past its all-time high to new prices after holding major support.

Despite Bitcoin being less than 2% away from its all-time high of around $74,000, Ethereum remains miles off its peak price. The altcoin king is 45.21% away from its highest-ever traded price of $4,891, achieved in November 2021.

Notably, Ethereum’s performance gap compared to its caliber assets remains obvious. For context, Bitcoin has appreciated 13.53% and Solana 14.53% in the past 30 days, while Ethereum has managed just 2.21% within the same timeframe.

Ethereum’s recent underwhelming trend saw it retrace to major support at $2,400, the lower boundary of its multi-month ascending channel. Amidst the rebound from the trendline, market expert Ali Martinez has asserted that Ethereum will surge past its previous all-time high to unprecedented price levels in the near term.

Ethereum Poised for Surge to $6,000

In an October 29 post, Martinez shares that Ethereum looks ready for an upside move to the $6,000 price mark after holding a major demand zone. The market expert noted that the altcoin king successfully defending the support at $2,400 signals an impending bullish upsurge.

Notably, Ethereum bounced from an October 26 low of $2,391, surging over 11% from the level to the current market price. With the support preventing further downsides, Martinez asserted that Ethereum will move past its previous high of $4,891 to an all-time high of $6,000.

The price target continues the ascending channel, with Martinez identifying the $6,000 zone as the upper boundary of the asset’s price structure. Notably, a surge to the unprecedented level will entail a 123% surge from the current market price.

Ethereum’s Price Analysis

Meanwhile, The Crypto Basic analysis shows that, in the short-term, Ethereum targets the price range between $2,750 and $2,875 after holding the support. The asset sustainably showed bullish momentum after printing five consecutive green candles.

Furthermore, data from IntoTheBlock shows Ethereum is gaining momentum as on-chain analysis has mostly flipped favorable. The concentration of whale positions turned bullish, signaling expectations of higher prices among large Ethereum holders.

Also, futures market momentum stands at 0.75, indicating that most Ethereum derivative traders are bullish on the second-largest crypto asset. However, the net network and large transaction indicators signal market neutrality.

At the time of writing, Ethereum trades at 2,684, up 2.39% in the past 24 hours.