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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Poised For Breakout? Analyst Pinpoint Key Levels For Monumental Surge

Samuel Edyme
Samuel Edyme
1 year ago
4 mins read
Ethereum (ETH)

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So far, Ethereum appears to be showing signs of an impending bullish run, according to Crypto Tony, a renowned analyst in the crypto space. Crypto Tony suggests that Ethereum’s journey to bullish momentum could commence if it successfully maintains its position above the crucial level of $2,130.

Fortunately, the asset trades above this price level and appears to be climbing further above it, with its current trading price of $2,264 at the time of writing.

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Key Levels For Major ETH Rally

The $2,130 price mark, as disclosed by Crypto Tony, is seen as a pivotal point for Ethereum, as maintaining this level could signal “strength and stability,” setting the stage for further gains.

This optimism further escalates should Ethereum reclaim the range high at $2,500, a price level Crypto Tony revealed that would reinforce the bullish sentiment in the Ethereum market. Notably, Crypto Tony’s bullish outlook aligns with the sentiments of other analysts in the crypto community.

$ETH / $USD – Update

The ETH range is simple. Remain above $2,130 and we are bullish .. Reclaim the range high at $2,500 and we are really bullish pic.twitter.com/YKOph2YbRY

— Crypto Tony (@CryptoTony__) January 8, 2024

For instance, Ali Chart, another notable crypto analyst, has identified $3,830 and $5,100 price levels as Ethereum’s following major targets based on the Market Value to Realized Value (MVRV) price bands.

For context, MVRV is a key on-chain metric or indicator that compares a cryptocurrency’s market value (market cap) to its realized value, offering an alternative approach to assess the network’s valuation by considering the price at which each unit last moved.

The MVRV ratio is a crucial indicator that can be utilized especially for gauging the relative valuation of a crypto asset like Ethereum. When the MVRV ratio is high, it often suggests that the cryptocurrency’s price may be overvalued, and when it’s low, the asset could be undervalued.

According to the #Ethereum MVRV Pricing Bands, the next key price targets for $ETH are $3,830 and $5,100! pic.twitter.com/cLo4crWkPF

— Ali (@ali_charts) January 1, 2024

According to a chart recently shared by Ali Chart on X, Ethereum is currently on an upward trajectory, with the next significant MVRV Pricing Bands at 2.4 and 3.2. These levels indicate that Ethereum may become overvalued, correlating to Ali’s price targets for Ethereum at around $3,830 and $5,100, respectively.

Ethereum Whale Movements Backs Bullish Sentiment

Adding to the bullish sentiments are recent whale movements. Spot On Chain has disclosed that an Ethereum whale, identified as ‘0x931’, made a significant purchase of 21,192 ETH, valued at approximately $48 million, at an average price of $2,265.

This accumulation of ETH is a strong indicator of confidence in Ethereum’s future performance, as the whale has now held roughly 79,500 ETH since January 2023, sitting on an unrealized profit of $36.84 million.

Moreover, last week’s on-chain data from Santiment revealed that Ethereum’s largest private wallets now hold a record 56.25 million ETH, representing 46.8% of the crypto’s total circulating supply. This concentration of ETH in large wallets could be interpreted as a sign of long-term holding strategies among major investors.

Related Reading

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Ethereum Giga Whales On A Historic Buying Spree – Here’s How Much ETH They’ve Bought

1 year ago

Amid these developments, Ethereum has been showing signs of recovery from its recent retracement. Despite a week of decline, the altcoin is beginning to exhibit an upward trajectory, with a near 2% increase in the past 24 hours, trading at around $2,272.

Ethereum (ETH) price chart on TradingView
Ethereum (ETH) price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

This recovery is further evidenced by a surge in trading volume, which has surged from a low of $11 billion last Monday to over $20 billion, indicating a possible increasing buying activity.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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