Ethereum Maintains Support Levels and Attracts Attention from Analysts

Ethereum (ETH) $2,504, the king of altcoins, continues its upward trend by maintaining key support levels. Surpassing the $2,500 mark over the weekend sparked increased interest among market participants. Analysts suggest that the current position of Ethereum indicates a potential rise towards the $6,000 mark.

Experts Predict $6,000 Price Target

Crypto analyst Ali Martinez highlights an appealing risk-reward ratio for Ethereum. He sees a favorable opportunity for taking long positions on ETH, having set a stop-loss order below $1,880. Martinez points out that the current price structure of Ethereum presents opportunities for upward movement and states, “The risk-reward ratio for Ethereum is quite advantageous. My target is $6,000.”

For Ethereum to reach the $6,000 level, it must break through the resistance at $2,680. Surpassing this level may increase buyers’ strength. Institutions remain confident in Ethereum, as evidenced by UBS’s recent launch of the first Ethereum-based tokenized investment fund in Singapore, demonstrating ongoing institutional interest.

Ethereum Compared to Amazon of the 1990s

Leena ElDeeb, an analyst at 21Shares, compares Ethereum’s potential to that of Amazon in the 1990s. She notes that “Ethereum promises complex and significant potential, but its use cases are not yet fully established.” Federico Brokate adds, “Amazon was initially a bookstore, and now it is a global e-commerce and cloud computing giant. I think Ethereum is on a similar path.” Currently, Ethereum’s market value stands at $320 billion, which is about 6.25% of Amazon’s value.

The ecosystem of the altcoin king is expanding, possessing an increasingly wide range of capabilities. Analysts believe this advantage can enhance the network’s functionality and raise its value. ElDeeb also mentions that demand for spot Ethereum ETFs continues to rise, which could positively impact the price.

Ethereum Faces Competition from Bitcoin

While Ethereum challenges investors’ patience, it could reach new heights if it exits its downward trend. Ongoing institutional interest and favorable market conditions signal positive prospects for the upcoming period. However, as Bitcoin’s market dominance increases, Ethereum’s share has decreased from 18% at the beginning of the year to 13%, indicating that it still lags behind Bitcoin $103,635.