As markets kick off the week positively, Ethereum (ETH), the second-largest cryptocurrency by market cap, has also shown strength, rising nearly 3% and crossing the critical $2,500 level. Meanwhile, Popular crypto analyst Ali Martinez highlights a historical trend that could lead to a 130% surge, potentially pushing ETH toward $6,000.
Historical Pattern Hint 130% Surge
According to Martinez, the recent movements in Ethereum's price have stayed within a defined channel. Each time the price has bounced off the lower boundary of this channel, it has resulted in an average price increase of 130%.
However, if this pattern continues, Ethereum could soar to $6,000, but only if it maintains a key support level at $2,300. If Ethereum can hold above this price, it strengthens the case for a price rally.
Historical data suggests that the cryptocurrency is poised for growth if it breaks through certain resistance levels. As more institutional investors and retail traders flock to the crypto space, the demand for Ethereum is expected to rise.
Ethereum Price Update
Ethereum is showing positive movement, with prices rising nearly 3% in the last 24 hours after a quieter start to the month. At the beginning of October, ETH faced a bearish trend, slipping below its 20- and 50-day Simple Moving Averages (SMAs), which had investors cautious.
If the interest in spot ETFs keeps growing, Ethereum could see more buying pressure. This momentum might allow ETH to climb towards $2,600 and possibly $2,700 in the near future.
However, if market sentiment shifts, Ethereum could drop below $2,500 if buyers fail to push it above key resistance levels. Investors are closely watching for stronger signs of a sustained recovery.