Ethereum's Price Surge Signals a Major Turning Point! Key Support Levels Revealed, Can ETH Break Through $2000?

The market direction of Ethereum has once again attracted analysts' attention, with the current price nearing the historical support level of extreme MVRV deviation, indicating a possible significant reversal. This indicator has coincided with two strong rebounds in history, suggesting that ETH may repeat its previous upward trend.

According to analyst Ali Martinez's chart, ETH's price is approaching the lower bound of the MVRV range, an area that has historically marked the undervaluation of ETH's price. Data shows that this support level is around $1,367, which saw significant rebounds after being touched in 2018 and 2022.

The technical analysis also provides strong bullish signals. ETH's monthly chart indicates that it is currently at the bottom of a long-term downward channel, forming a bullish hammer pattern. Such patterns typically occur in reversal areas, suggesting that ETH may begin to rise, with a short-term target price reaching $2,880.

Additionally, the ETH/BTC trading pair has also returned to a key support area, which last appeared in 2020, marking a strong rise of ETH against BTC. Historical data supports that the current price level may become a new starting point for upward movement.

In summary, if ETH can successfully break through the current support level and maintain strength, it will initiate a new upward cycle, potentially aiming for higher price levels. According to recent data, ETH's price has surpassed $1,700 and may continue to rise, with a target price potentially reaching $10,000 in the future.