As the crypto market warms up, Ethereum (ETH) is attracting attention with impressive gains. Today, market analyst Ali Martinez spotted what could be a defining moment for Ether’s price momentum. The analyst spotted crucial support levels that ETH must hold to maintain its uptrend.
ETH’s crucial support level for market rally
Today, Martinez shared metrics on X showing interesting insight on the Ethereum market. Using the Global In/Out of the Money indicator, he spotted $2,060 and $2,420 as the most important Ethereum support region.
He further explained why this price range is the most important support zone for the asset. According to his data, 10 million wallet addresses bought 69 million ETH within this zone. Since a massive number of investors and traders acquired ETH around this region, this makes it a strong support zone where these holders are unlikely to sell at a loss, therefore creating a support floor for the ETH price.
Holders see this zone as a fair valuation, increasing the chances of defending it by either holding or acquiring more Ether tokens. This market sentiment can help create stability and possibly prevent further price falls.
ETH price amid institutional interest
Today, Ethereum climbed to the $2,500 price level, currently standing at $2,556 at press time, pushing its restored bullish movement to higher grounds. This bullishness can be confirmed by ETH’s price action, which has been up 41.7%, 40.9%, and 60.6% over the past seven days, two weeks, and one month, respectively. The uptrend is being driven by institutional investors who are not just reallocating funds to Bitcoin but also rechanneling capital to altcoins, including Ethereum and others.
Another on-chain indicator confirming ETH’s bullishness is the latest metrics from Glassnode. The data shows that Ethereum addresses holding more than 1,000 ETH have increased by 12%, indicating rising enthusiasm among big investors amidst the asset’s upturn movements.
The ongoing ETH accumulation is laying the foundation for a sustained rally. ETH’s $2,500 breakout suggests that whales are increasingly diversifying capital into the altcoin market, a trend that is being backed by the improving macroeconomic conditions.
