Ethereum’s price is seeing an upswing, currently trading at $2,660.87, following a recent prediction from renowned crypto analyst Ali Martinez.
Posting on X (Twitter), Martinez noted that Ethereum has successfully held its $2,400 support level, suggesting the cryptocurrency could soon target a channel’s upper boundary near $6,000.Â
Ethereum’s Price Action
Over the last 24 hours, Ethereum has increased by 1.21%, with a 3.20% rise over the past week. The global market cap for Ethereum now stands at $320.50 billion, while 24-hour trading volume is up by 1.83%.
Martinez’s bullish forecast aligns with broader positive sentiment in the market, notably following former U.S. President Donald Trump’s rally at Madison Square Garden on October 27.
Betting platform Polymarket has shown increased confidence in Trump’s potential win, with 65.8% of betters backing him post-rally. The anticipation of market-friendly policies under Trump has led some investors to feel optimistic about Ethereum and other digital assets.
Vitalik Makes Headline with Significant Donations
In a separate development, Ethereum co-founder Vitalik Buterin made headlines with a notable charitable gesture. On Tuesday, Buterin donated 400 ETH, valued at over $1 million, to four Ukrainian humanitarian organizations.
This philanthropic move was executed by converting meme coins into Ethereum, underscoring the flexibility and potential of cryptocurrency in driving social impact. Buterin’s donation, facilitated through DeFi mechanisms, highlights how the Ethereum network can be used not only for trading and investment but also for meaningful humanitarian contributions.
With Ethereum’s technical indicators showing potential for upward momentum and high-profile endorsements for the asset’s versatility, market watchers are keeping an eye on its performance. If the positive sentiment continues, Ethereum could be on track for higher gains, making it a key asset to watch in the crypto market.