Ethereum (ETH) has recently established a strong support level at $2,370, according to crypto analyst Ali Martinez. This development is significant as it suggests a solid price floor, potentially paving the way for further upward momentum.
As of now, Ethereum is trading at approximately $2,662.40, reflecting a 1.7% increase over the past 24 hours. Analysts note that there are no significant resistance zones ahead, which could facilitate a smoother ascent for ETH.
The recent price action indicates that Ethereum briefly dipped to around $2,370 on May 19 before rebounding strongly. Since then, it has gained upward momentum, closing in on $2,630, its highest point during the period.
Technical indicators also support a bullish outlook. Ethereum is trading above its Realized Price of $1,900 and the True Market Mean of $2,400, both critical thresholds in previous market cycles. Reclaiming the Active Realized Price at $2,900 could further boost investor confidence and attract more capital into the market.
In summary, Ethereum's establishment of a strong support level at $2,370, combined with favorable technical indicators and market sentiment, suggests a positive outlook for the cryptocurrency in the near t
erm.
