Experienced market analyst Ali Martinez shared a tip based on the Ethereum Market Cap – Realized Value (MRVR) ratio. Using this metric, Martinez announced the next major price target for the altcoin. This price target is quite ambitious for Ethereum. According to the analyst, current on-chain Ethereum data indicates that the cryptocurrency could rise as high as $5,100, which is the upper band of its next main target.
Analyst is marking a range high for the leading altcoin!
Popular analyst Ali Martinez is bullish on the leading altcoin Ethereum, according to his previous posts on the X platform. The analyst notes that Ethereum currently has no major supply hurdles in sight. Moreover, it identifies the $2,700 region as a psychologically important resistance point. If it exceeds this level, Martinez says there will be no major obstacle for the cryptocurrency. At the time of this writing, Ethereum was trading at $2,364, up more than 1.5% in the last 24 hours. The market value of the cryptocurrency increased by 1.5% to $284 billion. Additionally, altcoin transaction volume increased by 84.8% to $12.4 billion.
According to 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 constitute the likely point where the price of the cryptocurrency could drop. These Realized Prices also point to the upper range of $3,826.70 and $5,102.27, as the analyst pointed out.
Ethereum price predictions from different perspectives
cryptokoin.comAs you can follow from , Ethereum’s outlook has been quite controversial lately. Market analysts such as Ali Martinez and Michael van de Poppe do not accept the idea that Ethereum is dead. Both analysts are bullish on the altcoin.
However, Ethereum is not favored by legendary trader Peter Brandt, who believes that the cryptocurrency may not exist for the next decade. Brandt has a strong belief that Ethereum is ready to fall. In this direction, he estimates that the price of the leading altcoin will drop to $650 in the long term. That’s why he says he opened a short position in cryptocurrency.
Ethereum’s Netflow continues its rise
After hovering in a bearish consolidation range, Ethereum’s price has finally made a breakthrough. Thus, it surpassed the closely watched $2,400 level during the day. This upward move resulted in a total liquidation of $25.8 million as sellers disposed of more than $16.4 million in positions. However, the altcoin price rally stalled above $2,430. Therefore, there has been a decline in buying momentum. This change occurred as short-term buyers converted their positions into cash, aiming to get maximum profit from the last increase. Coinglass data shows that approximately $9.4 million of long positions were liquidated during this period.
According to IntoTheBlock data, the potential for bearish momentum is increasing, as evidenced by the steady increase in Netflow over the past week. Following its drop to -111k ETH on December 26, there was a notable shift as more Ethereum was moved to exchanges as inflows began to exceed outflows. As a result, Netflow moved into positive territory following the increase in buyer confidence in the price of ETH. It is currently at 45.5 thousand ETH. Typically, a rise in Netflow indicates a decline. Additionally, increased inflows of an asset into exchanges usually indicate a sell-off.
The hourly long/short ratio has dropped below the 1.0 threshold for Ethereum. This also shows a bearish trend and is currently trading at 0.8769. This shows that the bears are in control, as approximately 53.2% of the positions expect a decrease in value. In comparison, only 46.7% of positions expect an increase in the altcoin price.
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