Ethereum's Support Level Indicates Potential $10K Surge

Ethereum is currently priced around $2,900, with a 24-hour trading volume exceeding $22 billion, according to CoinGecko. Despite a 6% decrease in the past week, it shows slight signs of recovery over the last day.

Market analysts are focusing on whether Ethereum can sustain its recent support level and push higher.

Ethereum Maintains $2,622 Support After Recent Bounce

Ethereum recently rebounded from the $2,600 mark, indicating a key support level identified by analyst Crypto Patel that coincides with the 0.5 Fibonacci retracement. This level not only acts as solid support but is enhanced by a previous fair value gap, boosting its technical significance. Moving past $2,900 confirms it is above the support region.

Ethereum Chart Source: Crypto Patel/X

“Big dips = Big accumulation discounts. Stay strategic, not emotional.” - Crypto Patel

However, Ethereum faced resistance near the $2,950-$3,000 zone, as pointed out by market analyst Ted:

“Until Ethereum reclaims this level, the chances of a new low are high.”

This price area has been a steady resistance point in the past month. A definitive break above $3,000 with strong volumes may lead to targets around $3,400. Analysts are closely monitoring this key area, which has influenced previous cycles.

As Ethereum explores around $2,800, it appears to return to a zone perceived by many as an opportune buying region. Analysts believe if the current trends remain maintained, there could be a path toward values of $9,000 - $10,000.

MVRV Z-Score Approaches Buy-Level

The MVRV Z-Score, a gauge comparing ETH’s market value to its realized value, currently stands at 0.29. Historically, scores below zero have indicated excellent long-term purchase opportunities.

Ali Martinez emphasizes that since 2016, whenever the MVRV Z-Score dipped below zero, it marked entries into accumulation phases followed by subsequent recoveries. Although the Z-Score is yet to fall below zero, it is nearing a level where long-term buyers have typically entered the market.

“Since 2016, the best times to accumulate Ethereum $ETH have come when the MVRV Z-Score drops below 0. It’s now at 0.29.” - Ali Martinez

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