Ethereum (ETH) Could Reach New Yearly Highs If This Scenario Works: Analyst

Prominent cryptocurrency analyst and trader Ali Martinez, known to the crypto community on the X app as @ali_charts, has taken to the X platform to share with his followers his take on the possible future moves of Ethereum after it broke through a major level of resistance.

The resistance that the second largest crypto has managed to overcome was located between price levels of $1,982 and $2,044. It is here, the analyst explains, that nearly 1.7 million wallets had grabbed a staggering 38.7 million Ethereum worth $81,492,525,000 at the time of this writing. Martinez used a chart provided by IntoTheBlock.

Now that Ethereum has massive support beneath it and little resistance to go through ahead of it, if ETH succeeds in holding in the area where it is now, this could "pave the way for ETH to reach new yearly highs," Martinez expects.

Ethereum jumps by 10% within two days

Over the past two days, ETH has made an astonishing jump of slightly over 10% from $1,933 to the local high of $2,127. This astounding increase was mostly due to Ethereum's price surge between Wednesday and Thursday, when it added 8.08% to its value and reached the $2,088 price tag.

At the time of writing this article, the second biggest crypto is changing hands at $2,106 after a tiny decline.

This price spike of Ethereum basically followed the growth of the leading cryptocurrency Bitcoin, which suddenly jumped by more than 8% within the same period of two days. BTC is now trading at $37,909 after topping the $38,000 level earlier today.

Bitcoin surged on the news of a successful election of a pro-Bitcoin president in Argentina, far-right libertarian Javier Milei.