Prominent crypto analyst Ali Martinez again suggests that Ethereum could trade above the $7,000 price point in the current bull market.
Over the past two years, Ethereum (ETH) has crawled while fellow market leaders Bitcoin (BTC) and Solana (SOL) have soared to new record highs. Despite the underperformance, analysts have continued to offer investors hope of a looming ETH price explosion.
In the latest instance, one such analyst has suggested that the asset could more than double in price in the current bull market, citing a historical pattern.
Ethereum To $7,000?
Prominent crypto analyst Ali Martinez has asserted that Ethereum could trade above the $7,000 price point in the current bull market.
In an X post on Monday, January 20, the analyst highlighted that Ethereum has historically traded above the 3.2 times market value to realized value ratio (MVRV) pricing band in bull markets.
MVRV pricing bands model an asset’s price behavior to estimate extreme price levels based on historical MVRV, which measures the asset’s market price to the average price at which investors purchased it.
A Glassnode chart shared by the analyst showed that the asset had hit this 3.2 MVRV level to trade at highs above the $1,000 price point in 2017 and near $4,900 in 2021.
Glassnode Ethereum MVRV pricing bands chart Source Ali Martinez
According to Martinez, Ethereum’s 3.2 MVRV pricing band was presently around the $7,000 price point, suggesting the potential for the asset to more than double in price from current levels of about $3,400 per coin.
Meanwhile, it is the second time in weeks that the analyst has tipped Ethereum to hit $7,000 in the current market cycle. On January 9, the analyst suggested that the asset was set to hit the target, citing an inverse head and shoulders formation on the 12-hour candle chart.
Interestingly, the $7,000 Ethereum price target aligns with Bitwise’s predictions for 2025.
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