Analyst Forecasts Ethereum Rally to $3K After Key On-Chain Breakout

Martinez expects the next test to come around $1,980 and $2,080 before Ethereum challenges higher resistance levels. Crypto analyst Ali Martinez said on August 6 that Ethereum’s recent move above a major MVRV pricing level could open the way toward a $3,000 target. The market watcher’s view is based on historical on-chain patterns that have previously appeared before major ETH recoveries, though resistance levels remain ahead. Ethereum Reclaims MVRV Level as Analysts Watch $3K Target “ETHEREUM IS HEADING TO $3,000,” Martinez announced in a post on X. He said the asset turned bullish after breaking above its 0.8 MVRV Pricing Band near $1,800 and explained that this level has historically acted as a point where ETH goes from weakness into recovery phases. The move followed an earlier July 6 post from the analyst, where he had identified $1,800 as the level Ethereum needed to clear. At the time, ETH was testing that area as resistance, with a successful daily close above it expected to increase the chances of a move toward its Realized Price. In his August 6 post, Martinez confirmed that the world’s second-largest cryptocurrency had since reclaimed the MVRV as support. According to hi...