The second-largest cryptocurrency has performed quite well lately, with its price soaring by nearly 10% over the past two weeks.
A number of popular analysts see potential for further gains, though they emphasize that holding critical support levels will be essential.
$2,500 and Beyond?
Ethereum (ETH) briefly climbed to a monthly peak of almost $2,200 before slightly retreating to the current $2,120 (per CoinGecko’s data). According to the renowned crypto commentator Ali Martinez, the asset “looks ready to break out” and is pressing at the upper boundary of a channel. He believes a sustained close above $2,147 could open the door to a more substantial rise to $2,335 or even $2,542.
Shortly after, Martinez made another ETH-related remark, claiming that the MVRV pricing bands show the asset has reached a level that has historically aligned with market bottoms.
X users Ted and Investor Jordan are also optimistic. The former suggested that a daily close beyond $2,150 could trigger a rally towards the $2,400 zone. At the same time, he warned that failure to do so would result in a retest of the $2,000 psychological level. For their part, Investor Jordan argued that ETH is starting “to warm up,” adding they are “disgustingly bullish” on the cryptocurrency right now.
Some on-chain indicators support the scenario of a further increase. The supply of ETH stored on exchanges, for instance, today (March 5), plummeted to around 15.93 million tokens, the lowest point since the summer of 2016. This development suggests that an increasing number of investors are abandoning centralized platforms and moving their holdings to self-custody, thereby reducing immediate selling pressure.
The Journey South Begins Again?
Other market observers, like X user Emirhan, presented rather pessimistic outcomes. They outlined 2,109 as a key level, assuming a break below could lead to a drop to under $1,900.
Moreover, ETH’s Relative Strength Index (RSI) temporarily crossed the bearish 70 threshold. The indicator helps traders spot potential reversal points by measuring the speed and magnitude of recent price changes. Readings around and above 70 signal that the asset has become overbought and could be headed for a pullback, whereas anything beneath 30 is seen as bullish territory.
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