Next Ethereum (ETH) Price Target Locked
According to on-chain market analyst, Ali Martinez, Ethereum currently has no significant barrier ahead of it judging by the In and Out of the Money Around Price indicator from crypto analytics platform IntoTheBlock.
This data shows that a total of 7.82 million addresses or 65.4% of the total wallets in the network are in profit at the moment, compared to 4.13 million addresses or 34.5% that are in losses. Approximately 12,430 addresses or 0.10% are at break-even points.
Since there are no supply barriers in sight, Ethereum could potentially reach $2,700 in the short term, surpassing the conservative projection of $2,500. This would bring Ethereum back to a price level last seen in early May 2022.
#Ethereum looks set for further gains!
The path ahead of $ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond. Additionally, a robust demand wall at $2,000 provides solid support, potentially cushioning any corrections. pic.twitter.com/s79YAlkS8w
— Ali (@ali_charts) January 1, 2024
This price call, though ambitious, is a big shift from current reality. Ethereum is currently trading at $2,310.95, up by 0.28% in the past 24 hours. Over the past week, Ethereum has maintained a mildly bullish outlook with a 1.12% surge.
Ethereum Versus Alternative Chains
Ethereum faces competition from rivals such as Solana (SOL), XRP Ledger, Avalanche (AVAX), and Cardano (ADA).
Solana has gained influence over Ethereum in terms of DEX volumes and other core areas. It has experienced more significant price growth compared to Ethereum over the past year, with SOL jumping by 989% while Ethereum only saw a 94.16% increase. Other chains like Cardano and XRPL are also innovating to evolve in the coming months.
Hot Take: Ethereum’s Potential Price Run Amidst Competition
Ethereum may be experiencing a major drawdown at the moment, but on-chain data suggests a potential run in price in the short to mid-term. The In and Out of the Money Around Price indicator shows that there are no significant supply barriers ahead for Ethereum. With a majority of wallets in profit and no barriers in sight, Ethereum could potentially reach $2,700 or higher. However, Ethereum is facing competition from alternative chains like Solana, XRP Ledger, Avalanche, and Cardano. These chains have shown significant growth and innovation, posing an existential threat to Ethereum’s dominance. Despite the competition, Ethereum has maintained a mildly bullish outlook in recent weeks.
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