Ethereum Reclaims Key Support At $1,574 Heres The Next Price Target
Market prices of Ethereum (ETH) gained by over 4% in the past day, as the prominent altcoin broke out of a tight consolidation zone between $1,548 and $1,599. Despite some retracement in the last few hours, the growing bullish momentum in the ETH market shows signals of a sustainable price rally. Notably, renowned crypto analyst Ali Martinez has highlighted the potential next price target for the second-largest cryptocurrency.
ETH Bulls Set Sights On $1,810 Resistance
In an X post on April 12, Martinez shares an Ethereum price prediction using on-chain data from analytics company IntoTheBlock. Martinezs post shows that Ethereum has now reclaimed a critical support level at a demand zone between $1,547 and $1,595. This zone represents a significant accumulation area, with approximately 5.48 million ETH held by 2.83 million addresses at an average purchase price of $1,574.
The resurgence in buying activity around this price region indicates a considerable trading volume which is critical to sustaining the current bullish momentum. At press time, Ethereum trades at $1,642 showing signs of resilience following its recent breakout.
If the price rally persists, Martinez explains the altcoin is headed for a strong resistance zone between $1,791.11 and $1,838.86. This area contains 1.61 million ETH held by 3.2 million addresses at an average price of $1,810. Notably, this zone is visualized in red indicating that many of these investors are out of the money and are likely to sell once prices recover offering a potentially significant resistance to Ethereums ongoing rebound.If ETH bulls can surge past this resistance level, it could confirm a trend reversal for the altcoin following a consistent decline since the altcoin hit the $4,000 price zone in December 2024.
Ethereum Market Overview
Generally, IntoTheBlocks data shows 56.7% of ETH addresses are currently in the money, representing 8.3 million ETH worth about $13.24 billion. In contrast, 41.99% (6.14 million ETH) of holders are out of the money, suggesting the market sentiment still largely remains cautious.
Meanwhile, only 191,830 ETH (1.31% of total volume) is considered at the money, signaling minimal congestion around the current price level, which may favor a swift move in either direction.
At the time of writing, Ethereum continues to trade at $1,642 as earlier stated, with a price decline of 8.50% in the last week. Meanwhile, daily trading volume is down by 13.08% indicating a waning market interest which could be potentially harmful to the ongoing price rally.
Text source: NewsBTC
