Ethereum’s price appears to finally be gaining momentum after several weeks of following Bitcoin’s extraordinary price performance. After starting the week with sluggish price action, the established “king of altcoins” returned above the $4,000 level for the first time since March.
Reflecting the current market climate, Ethereum’s price failed to impress this weekend as it struggles to stay above $4,000. Nevertheless, a prominent analyst at social media platform X believes that Ethereum’s price looks poised to return to its all-time high from the last cycle.
Is a recent all-time high on the cards for ETH?
On Saturday, December 7, popular cryptocurrency analyst Ali Martinez took to the X platform participation compelling insight into the Ethereum price action chain. According to a cryptocurrency expert, the altcoin’s price appears to be facing zero barriers to reach its current all-time high of $4,878 and potentially hit a recent one.
This on-chain observation is based on the average costs of several Ethereum investors. The chart below shows the distribution of tokens around the current Ethereum price, as reported by IntoTheBlock.
Source: Ali_charts/X
The size of the dots corresponds to the number of symbols purchased at specific price ranges, reflecting the importance and strength of each level – as an area of resistance or support.
As you can see in the featured chart, buying activity ahead of Ethereum’s current price has been very minimal, suggesting that there is almost no resistance to the altcoin’s upward move. According to Martinez, the only “modest” resistance level facing the Ethereum price is around $4,540.
Data from IntoTheBlock shows that over 608,960 addresses purchased over 668,980 ETH tokens at a price range of $4,474 to $4,598. While this level of buying activity is relatively petite – as shown by the size of the dot in the featured chart, it appears to be the only major resistance zone ahead of Ethereum’s price.
Martinez, however, mentioned that the bullish outlook seems to be a stronger narrative for ETH at the moment. The cryptocurrency analyst expects this to remain the case as long as Ethereum’s price stays above the demand zone at $3,560. According to IntoTheBlock data, 3.4 million addresses purchased as many as 5.1 million tokens at prices ranging from $3,514 to $3,634, making the region a mighty support zone.
Ethereum price at a glance
As of this writing, the price of ETH is still hovering around the $4,000 level, reflecting a nearly 2% decline over the last 24 hours. According to CoinGecko data, 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
