What needs to happen for ETH to reach near $5,000?
If the second largest cryptocurrency has managed to defend the psychological mark of $2,000, its price remains well below the highs reached last summer.
According to one popular analyst, however, it could be gearing up for a triple-digit increase, provided a certain condition is met.
The “line in the sand”
At the time of writing, ETH is trading at around $2,100, up 4% on a weekly basis. Additionally, renowned analyst Ali Martinez suggested that price action could lie within an ascending triangle and $1,800 could serve as a “line in the sand.”
He believes holding this ground could trigger a rise to $4,900. Such a pump would result in a 130% upside from the current valuation and place the price quite close to the all-time high of nearly $5,000 seen in August 2025.
Earlier this week, Martinez estimated that ETH’s next major rally could only begin once it climbs back above its realized price around $2,500 – an area described as the crucial “start engine” trigger for a new bullish phase.
Other popular market watchers who have recently given their opinions on ETH include Ted and ALTS GEMS Alert. The former believes that as long as the $2,000 support is maintained, the asset could see further upside.
“Losing the $2,000 level means a new yearly low could come soon,” he warned.
The latter was much more bullish, arguing that the descending channel breakout “looks clean” and predicting that a quick retest could push the price past $4,000.
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“Don’t get left behind. Ethereum season starts now,” they added.
Explore some indicators
On-chain metrics, such as the ETH exchange reserve, support the bullish outlook. Just a few days ago, the total number of coins stored on centralized trading platforms fell to less than 15 million, its lowest level in almost 10 years. Currently, the figure is quite close to the bottom, reflecting the tendency of investors to self-hold, thereby reducing immediate selling pressure.
Next on the list is the Relative Strength Index (RSI), which has fallen below 30. This signals that the asset has entered oversold territory and could be on the verge of a resurgence. The technical analysis tool, which measures the speed and magnitude of recent price changes, ranges from 0 to 100. Ratios above 70 are generally considered bearish and seen as warnings of an impending pullback.
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