Ethereum (ETH) Might Be Changing Direction, According to Leading Analyst; Keep an Eye on These Key Resistance Levels

Ethereum

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced a rise of nearly 3% on Wednesday, contributing to a short-term recovery that pushed the altcoin up to the vital $2,160 mark. Market expert Ali Martinez highlighted this movement as a possible significant shift in Ethereum’s technical perspective, stating on the social media platform X (formerly Twitter) that current price behavior indicates “signs of a major trend shift from bearish to bullish.”

Strong On-Chain Indicators Support Breakout Scenario

Martinez focused on Ethereum’s weekly chart, suggesting it is forming an ascending triangle pattern. He pointed out that the recent bounce to $1,800 on February 26 coincides with the triangle's hypotenuse—this historical alignment has often preceded positive price movements.

Similar formations observed in earlier market phases give investors reason to feel optimistic. As the price gradually approaches the triangle's apex, historical trends suggest a breakout upward is becoming increasingly likely.

To further strengthen the bullish argument, the analyst examined on-chain data. He noted that the market value to realized value (MVRV) ratio dropped below 0.8 while ETH was testing the triangle's support. His analysis indicated that this specific MVRV level has often aligned with key buying signals, making the recent reset more significant rather than just a random price bounce.

Adding to the technical narrative, the SuperTrend indicator shifted to a bullish position for the first time since last May, signifying that buying momentum may be returning. Previously, Martinez mentioned on social media that this shift suggests that Ethereum’s consolidation or accumulation phase may be concluding, with the $1,800 support being vital if selling pressure surfaces at this critical level.

Identifying Ethereum Price Targets

Martinez outlined several price bands that could act as resistance levels if Ethereum’s recovery continues in the short, medium, and long term. The initial crucial target to reclaim is $2,356, which was not surpassed during last week’s broader market surge. Following that, mid-term price goals are set at $2,647 and $3,639.

Looking further ahead, Martinez identified $4,632—this is the final resistance point before reaching the all-time high of $4,956—and $5,624 as long-term “expansion” zones that would signal a continuation of upward momentum.

Despite the positive indicators, Martinez was careful to manage expectations, advising that a full-blown bull market is not yet guaranteed. However, he emphasized that the combination of technical support, the MVRV buy signal, and the SuperTrend flip represents one of the strongest sets of bullish indicators for Ethereum seen in recent times.

Ethereum The daily chart shows ETH’s rise above $2,100 on Wednesday. Source: ETHUSDT on TradingView.com

Key Takeaways:

Ethereum (ETH) has increased nearly 3% recently, reaching the $2,160 level.
Analyst Ali Martinez notes potential bullish trends in Ethereum's price action.
An ascending triangle formation may indicate an upcoming price breakout.
Significant resistance levels to watch include $2,356, $2,647, $3,639, $4,632, and $5,624.
Caution is advised as expectations of a full bull market are still uncertain.