Ethereum Eyes Key Support At $2,350 — Price Surge To Follow?

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Ethereum Eyes Key Support At $2,350 — Price Surge To Follow? - NewsBTC

Quick Summary:

Being the second largest cryptocurrency in the market, Ethereum’s price action remains important to traders, especially with the current doubts over an altseason. In an X post on March 7, Ali Martinez shared an insightful analysis of the ETH market based on the MVRV extreme deviation pricing bands drawn by analytics firm Glassnode.

Martinez states that the initial possible price target for such a rally is the mean pricing band around $3,528 representing a potential 51.95% gain from ETH’s present market price.

According to Glassnode data shared by Martinez, the MVRV pricing bands suggest that Ethereum’s immediate challenge in any uptrend lies at the -0.5σ pricing band around $2,350.