Cryptocurrency analyst Ali Martinez said on Thursday that Ethereum (CRYPTO: ETH) has entered a generational “Buy Zone,” hinting at major bull runs on the horizon.
What History Says
In an X post, Martinez pointed out that Ethereum’s Market Value to Realized Value Ratio—a metric that measures the difference between the market price and the average price at which every coin last moved on-chain—has fallen into the 0.8 – 1.0 range.
This range, according to them, has historically signaled “precursor to massive structural bull rallies.”
Perfect Time To Load Up On ETH?
Martinez also shared past performances from this “Buy Zone,” which included gains of +150%, +5,390%, +130%, +280%, and +250%.
They suggested that Ethereum is nearing a “long-term bottom,” and a perfect time to start accumulating if you’re in it for 12-24 months.
Has ETH Really Bottomed?
Discussions around market bottoms for blue-chip coins, such as Bitcoin (CRYPTO: BTC) and Ethereum, have intensified as a prolonged bear market tests the patience of the bulls.
Earlier this week, Tom Lee, Chair of ETH-hoarding company Bitmine Immersion Technologies Inc. (NYSE:BMNR), spotlighted veteran trader Peter Brandt's analysis, which flagged a bottom at a “historical” long-term support level.
In contrast, well-known cryptocurrency analyst Trader Mayne warned that Ethereum may be carving out a lower high in an ongoing downtrend, recommending that it be avoided unless it recaptures key resistance levels.
Price Action: At the time of writing, ETH was exchanging hands at $2,164.01, up 0.05% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Login to comment