After Ethereum (ETH) crossed a significant price threshold at $2,000 and continued upwards, reflecting the generally optimistic sentiment in the wider cryptocurrency sector, now seems to be the perfect time to purchase the second-largest digital asset by market capitalization.
Indeed, Ethereum above $2,000 could be a “prime buying moment” for this cryptocurrency, as traders purchased a large volume of tokens around this level, according to the observations shared by a renowned crypto trading expert Ali Martinez in an X post on December 3.
Specifically, around 5.85 million crypto wallets are currently holding 43.8 million ETH bought between $1,900 and $2,100, which the crypto analyst pointed out could become a “significant support level for years ahead,” which means there is still time to buy Ethereum before its price skyrockets.
$3,500 in the cards?
Earlier, Martinez pointed out that Ethereum securing a “sustained weekly candlestick close above $2,150” could pave the way “for an exciting uptrend,” setting the price targets at $2,600 and possibly even at $3,500, as he explained using a chart pattern analysis.
Ethereum price analysis
Meanwhile, Ethereum was at press time changing hands at the price of $2,257.70, recording an increase of 4.20% in the last 24 hours, as well as advancing 10.04% across the previous seven days, and adding 22.66% to its value over the past month, according to the charts on December 4.
All things considered, Ethereum has broken a yearly high and seems to be firmly on the path toward the set price targets, particularly if the sentiment remains positive and as the US Securities and Exchange Commission (SEC) opens a comments period for a spot Ethereum exchange-traded fund (ETF).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read the full article here