Current Ethereum (ETH) on-chain data hints that the coin could soar as high as $5,100, the upper band of its next key target.
Top market analyst Ali Martinez shared this hint, drawing insight from the Ethereum Market Value to Realized Value (MRVR) ratio. Using this metric, Martinez claimed that the next major price target for the coin lies within the $3,830 to $5,100 range.
This price range is highly ambitious for Ethereum, and while its All-Time High (ATH) of $4,891.70 falls in between this range, meaning it is achievable, current market dynamics hint at how challenging it might be to hit this price target in the short term.
Ethereum On-Chain Outlook
Martinez is bullish on Ethereum, judging by his previous posts shared on the X platform. At the moment, Ethereum has no major supply barriers in sight, with a psychologically important resistance point set around the $2,700 zone. Should this level be flipped, Martinez believes there is no major obstacle ahead for the digital currency.
At the time of writing, Ethereum was trading for $2,399.10, up by more than 4% in the past 24 hours. The coin’s market has jumped by 4% to $288,470,978,345, and trading volume has soared 60% to $10,933,692,743.
Per the chart shared by Ali Martinez, Ethereum has at least four different Realized Price (RP) levels, including $1,275.57 and $1,594.46, which form the likely point the coin’s price could slip to. These Realized Prices also hint at the upper band of $3,826.70 and $5,102.27, as pointed out by the analyst.
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
Conflicting Ethereum Price Calls
The outlook on Ethereum has been quite controversial in recent times. Market experts like Ali Martinez and Michael van de Poppe are bullish on the coin as the latter denounced the idea that Ethereum is dead.
However, Ethereum is not favored by legendary trader Peter Brandt, who is convinced the digital currency may not be around for the next ten years. Brandt, in his strong belief that Ethereum is poised to fall, revealed he had shorted the coin as he noted the coin could fall as low as $650 in the long term.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
