This Is What Ethereum Price Needs To Hit $7K

The broader market pullback has seen Ethereum, trading at the price of $3,253, drop close to 1% in the last 24 hours.

However, crypto Analyst Ali Martinez is bullish on Ethereum, maintaining that even after the recent bearish trend, Ethereum can still hit $7,000 in the long term when it retraces to $2,900.

Martinez says this represents a key support zone that could act as a springboard for a giant move higher.

Even though this upbeat potential encourages Ethereum fans, the short-run technical and market scenario appears bearish.

Ethereum Price Current Market Performance: A Bearish Bias

The latest price action in Ethereum represents market uncertainty. According to data from CoinMarketCap, the cryptocurrency has dropped 0.64% in the last 24 hours, and trading volumes have dropped 52.45%.

Ethereum, which sits second with a market cap of $391.99bn, has suffered a downward trajectory recently that has rattled investors.

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A descending channel formation on Binance’s ETH/USD hourly chart has been formed, pointing for the prices to proceed with bearish momentum.

Ethereum is consolidating around the price of $3,200, which remains a critical support level and could signify the direction in which Ethereum will go next.

If this level breaks, a retracement is likely toward the $2,700 we saw as a target a few weeks ago, which is in line with Rumorista Martinez’s forecasts.

The negative momentum on the One-Hour chart displayed on the Awesome Oscillator (AO) adds to the bearish signs.

The indicator’s red bars indicate the sellers are still in charge, making a short-term reversal less likely.

Ethereum has, however, remained resilient at these levels in the past; $3,200 becomes a vital level to note.

Analyst Presents a Bullish Case for $7K

As Ali Martinez explains, These turbulent times offer the third kind of silver lining to the market. He said Ethereum must retracement to $2,900 before it can hit $7,000.

Such a drop should not look terrifying, but a drop of this magnitude would greatly benefit the second consolidation and accumulation phase of the next bull run.

Ethereum price has seen massive rallies in the past following tests of key support.

According to Martinez, 2,900 could be a strong psychological and technical support zone that buyers join in, and we could see this token flying onto new all-time highs.

Ethereum technicals are sending a mixed message. However, the picture is bearish in the short term, with bearish AO readings and a descending channel pattern.

Ethereum, however, has a solid history of bouncing back from key resistance levels, and a comeback may be likely.