Renowned cryptocurrency trader and analyst Ali Martinez, who goes by @ali_charts in the X app community, has gone to the platform to discuss with his followers his thoughts on Ethereum’s potential future moves after the market broke over a significant level of resistance.
The second-largest cryptocurrency was able to overcome resistance between the $1,982 and $2,044 price levels. The analyst notes that at the time of writing, about 1.7 million wallets have taken possession of an astounding 38.7 million Ethereum, valued at $81,492,525,000. Martinez made use of an IntoTheBlock chart.
If ETH is able to maintain in the current range, Ethereum’s strong support underneath it and the lack of significant resistance in front of it might “pave the way for ETH to reach new yearly highs,” according to Martinez.
https://x.com/ali_charts/status/1727992448499028418?s=20
Ethereum jumps by 10% within two days
The incredible rise in ETH over the last two days, from $1,933 to the local high of $2,127, is just over 10%. Ethereum’s price spike between Wednesday and Thursday, when it added 8.08% to its worth and hit $2,088, was mostly responsible for this startling gain.
After a little decrease, the second-largest cryptocurrency is trading at $2,106 at the time this story was written.
Ethereum’s price surge essentially coincided with the rise of Bitcoin, the most popular cryptocurrency, which unexpectedly surged by more than 8% in only two days. After surpassing the $38,000 mark earlier today, Bitcoin is currently trading at $37,909.
The successful election of far-right libertarian Javier Milei as president of Argentina, who is pro-Bitcoin, sent Bitcoin prices skyrocketing.
