Crypto trader Ali Martinez has made a bull case for Ethereum if it slumps below $2,500 following mixed signals. The digital asset market has seen weeks of low sentiment and plunging altcoin prices. Ethereum fell below the $3k mark, with heightened sell pressure forcing retail traders off the scene. However, in the last 24 hours, enormous ETH accumulations were recorded alongside positive altcoin activity. Will ETH Hit $4K? Ethereum’s price trades at $2,739 after growing 1% in the past 24 hours and rebounding weekly numbers. The asset faced major headwinds, wiping out major positions in the last two weeks amid the major market correction. This offload sent down its market cap to $330 billion alongside a similar decline in trading volumes. Expert trader Ali Martinez wrote on X that present factors could spark a move within range, leaving a possible decline to $2,300 and a subsequent rebound. If the price dip bites harder amid recovering factors, there could be a pathway towards $4,000. ETH traders hoped to retest this level not seen in months, setting the tone for a higher price action. “ In the best-case scenario, #Ethereum $ETH is range-bound, meaning it could test $2,300 support before rebounding toward $4,000. However, in the worst-case scenario, this could be shaping up as a double-top pattern.” A surge to $4k might be on the cards if the wider market recovery boosts decentralized finance (DeFi). For most commentators, Ethereum’s DeFi volumes and institutional inflow can turn the tide for the leading altcoin. Recently, institutional appetite spurred ticked up ETH price as whales resumed trading. In the last 72 hours, whales purchased over 400k ETH in a bid to reposition ahead of expected gains. Wider Altcoins Could Swing Upwards Hourly figures show a slight momentum in altcoins alongside positive on-chain metrics. Gains recorded in Ethereum led traders to turn their attention to other assets, taking the total market cap up 1%. XRP is up 4%, while Solana and Cardano gained 2.5% and 4.6%, respectively, in the same time frame. Although speculations about the altcoin season feel like a stretch, a recovery in Bitcoin’s price will add to these assets. Meme coins also attempted a slight recovery, although many top assets are far from December 2024 levels. DOGE and SHIB notched 0.5% and 0.6% gains, respectively.
