Crypto analyst Ali Martinez made promising comments for Ethereum (ETH), which is experiencing a downturn.

Despite the rally in Bitcoin in recent weeks, the price of Ethereum has remained around $3,100. Crypto analysts believe that Ethereum could start a major upward trend and surpass Bitcoin. Whale activity and on-chain metrics indicate that ETH could rise towards $10,000. Currently lagging far behind Bitcoin, if ETH surpasses $4,000, it will increase bullish signals.

Levels to watch for Ethereum

ETH experienced a 10% correction from $3,400 at the beginning of November. However, the price continues to hold the critical support level of $3,000. With ETH surpassing $3,500, we may observe strong rises in altcoins. Additionally, if BTC dominance closes below 60% on a weekly basis, it will accelerate the altcoin rally. However, if its dominance exceeds 65%, selling pressure on altcoins may increase further.

According to the data, approximately 2.82 million wallet addresses purchased a total of 6.14 million ETH at current levels. These strong purchases provide hope for Ethereum's long-term price movement.

The S&P 500 chart points to a $10,000 target for ETH

Popular crypto analyst Ali Martinez stated that ETH's price could primarily target $4,000 and then rise to $6,000. Martinez emphasized that the rising channel formation generally triggers strong uptrends. Additionally, Martinez highlighted that if Ethereum follows the chart structure of the S&P 500, its price could rise up to $10,000.

This article does not contain investment advice or recommendation. Every investment and trading transaction involves risk, and readers should conduct their own research when making decisions.