According to popular cryptocurrency analyst Ali Martinez, the price of Ethereum (ETH) could soon reach up to $5000. However, the altcoin must surpass the supply wall between $4522 and $4646. Utilizing data from IntoTheBlock, Ali Martinez noted that 600,000 addresses have purchased 1.63 million ETH in the mentioned region.
Current Data on ETH
Therefore, some buyers trying to break even may now face resistance in the cryptocurrency. Experts suggest that this could slow down Ethereum‘s upward steps, although a rise to $5000 is anticipated. This could also result from insufficient margin balance to cover funding fees. According to data from HyblockCapital, if ETH reaches $4205, significant liquidations could occur. However, a successful close above this price could lead to further increases in value.
The chart shared by the expert indicates that the altcoin may not face significant resistance below $4310. Moreover, if ETH surpasses $4860, the rise to $5000 could be much easier. Another measure that could give experts a clue about whether the altcoin’s rise will continue is the funding rate. The funding rate is the difference between the price of a perpetual contract and the spot price of a cryptocurrency. According to data from Santiment, Ethereum’s total funding rate was 0.068%. A positive funding rate implies that ETH is trading at a premium over its index value.
Active Addresses on Ethereum
In addition to the rising ETH price, a high metric could indicate that short positions are aggressive. For this reason, ETH’s price movement could potentially signal an uptrend. At the time of writing, the number of active addresses on the Ethereum network was 537,000. This number was a significant increase from the count on March 10th. The increase in active addresses shows growing interest and confidence in ETH. While this also means the network is becoming healthier, investors may see it as a bullish signal.
