It appears that the price of Ethereum has finally gained some momentum after several weeks of lagging behind the impressive performance of the price of Bitcoin. After starting the week with slow price action, the popular “altcoin king” is back above $4,000 for the first time since March.
Given the current market climate, Ethereum’s price wasn’t exactly impressive this weekend, struggling to stay above $4,000. However, a prominent analyst on social media platform
Is there a new all-time high for ETH?
On Saturday, December 7, popular cryptocurrency analyst Ali Martinez took to the X platform to talk Share Interesting insight into Ethereum price action. According to a cryptocurrency analyst, the altcoin price appears to have no obstacles to reach the current record high of $4,878 and possibly form a new high.
This on-chain observation is based on the average cost of many Ethereum investors. The chart below shows the distribution of tokens around the current Ethereum price, according to data from IntoTheBlock.
Source: Ali_charts/X
The pip size corresponds to the amounts of tokens purchased within specific price categories while reflecting the importance and strength of each level – as a resistance or support area.
As shown in the chart shown, there has been very minimal buying activity ahead of the current Ethereum price, indicating that there is almost no resistance to the altcoin’s upward movement. According to Martinez, the only “modest” resistance level awaiting the Ethereum price is around $4,540.
Data from IntoTheBlock shows that over 608,960 addresses purchased over 668,980 ETH tokens in the price zone between $4,474 and $4,598. Although this level of buying activity is relatively insignificant – as indicated by the point size in the chart shown, it appears to be the only major resistance area ahead of the Ethereum price.
However, Martinez stated that a bullish prognosis appears to be the stronger narrative for ETH at the moment. The cryptocurrency analyst expects this to remain that way as long as Ethereum price maintains its stability above the $3,560 demand zone. According to data from IntoTheBlock, 3.4 million addresses purchased up to 5.1 million tokens worth between $3,514 and $3,634, making the region a strong support zone.
Ethereum price at a glance
As of this writing, ETH price is still hovering around the $4,000 level, reflecting a decline of approximately 2% over the past 24 hours. According to CoinGecko data, the price of the altcoin has risen by approximately 10% in the past seven days.
The price of Ethereum on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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