Ethereum is showing signs of potential upward momentum as Bitcoin reclaims price levels above $70,000. Analysts suggest that if ETH breaks a key resistance level, it could target significantly higher prices, despite recent data showing a substantial decline in network activity.
Bitcoin has reclaimed the $70,000 mark, and this momentum has boosted assets like Ethereum. ETH is now stable near $2,071, with technical analysis suggesting a key price level to watch.
According to analyst Ali Martinez, “$2,147 is the key level for Ethereum $ETH. Above it, $2,335 and $2,542 come next.” This indicates a potential pathway for the asset to reclaim higher price zones. However, the token is currently experiencing a mixed market sentiment.
On-chain data reveals a sharp decline in network activity alongside this price potential. Martinez noted that “The number of Ethereum $ETH active addresses has dropped from 1.11 million to 593,000 in the past month, representing a 47% decline.”
Conversely, institutional interest appears robust. Ethereum ETFs recorded nearly $120 million in inflows in the last week of February. Martinez stated, “Ethereum $ETH ETFs ended February strong, recording $120.46 million in inflows last week.”
Long-term forecasts from CoinCodex project continued growth for the asset. Their models forecast Ethereum reaching approximately $2,454 by the end of 2026 and over $10,000 by 2050.
