Analyst Forecasts Ethereum Rally to $3K After Key On-Chain Breakout

Crypto analyst Ali Martinez said on August 6 that Ethereum’s recent move above a major MVRV pricing level could open the way toward a $3,000 target.

The market watcher’s view is based on historical on-chain patterns that have previously appeared before major ETH recoveries, though resistance levels remain ahead.

Ethereum Reclaims MVRV Level as Analysts Watch $3K Target “ETHEREUM IS HEADING TO $3,000,” Martinez announced in a post on X.

He said the asset turned bullish after breaking above its 0.8 MVRV Pricing Band near $1,800 and explained that this level has historically acted as a point where ETH goes from weakness into recovery phases.