Bitcoin and altcoins saw gains following statements by US President Donald Trump and increasing expectations of a possible deal with Iran to reopen the Strait of Hormuz.
Bitcoin (BTC) climbed above $70,000, while Ethereum ($ETH) also rose above $2,100.
However, the data revealed the level Ethereum absolutely needs to break through in order to begin its bull cycle.
According to one analyst, $ETH needs to regain the $2,500 level to enter an uptrend.
Popular analyst Ali Martinez suggests that Ethereum needs to regain the $2,500 level to trigger a true uptrend.
Analyst X, in their analysis, stated that the $2,500 level, representing the actual price for $ETH holders, serves as a significant turning point for the next bull market.
Noting that current price movements are forming an Ascending Triangle pattern, the analyst stated that the $1,800 level is very critical.
According to the analyst, this price point acts as the hypotenuse of the triangle formation. If this level holds as support, it could trigger a bounce towards the $4,900 level.
The $1,800 level also almost perfectly coincides with the 0.80 MVRV Pricing Band (currently around $1,880), indicating that many market participants are at a loss.
The analyst noted that the possibility of a deeper correction cannot be ruled out, stating, “If the overall structure in $ETH forms a parallel channel instead of a triangle, Ethereum risks returning to lower levels, bringing the $1,550 and $1,070 levels into play.”
Finally, the analyst added that if $ETH breaks above and remains above the $2,500 level, a significant uptrend could begin, potentially targeting $4,900.
“A clear break above the $2,500 level and its persistence would be the primary trigger for the start of a new macro bull rally.”
Once this level is surpassed, the data could target the 2.40 MVRV band around $4,900 and ultimately $5,900.”
*This is not investment advice.
