Analyst Identifies Two Key Triggers That Could Spark Ethereum's Next Rally

Ethereum (ETH) has experienced a roughly 9% decline over the past two weeks, now hovering around the critical psychological support level of $2,000. During this downturn, leading analyst Ali Martinez identified two pivotal triggers that could reignite ETH's bullish momentum. In a recent post on social media platform X (previously Twitter), Martinez observed that Ethereum has remained within a long-established trading range since 2021. He noted recent price movements provided validation of this trend, specifically pointing out a significant rejection at the midpoint of the range, aligning with the 200-week Simple Moving Average (SMA) near $2,300. Martinez emphasized that ETH's inability to reclaim this level has resulted in continued chart weakness. Highlighting crucial price levels, he flagged $1,850 as a critical weekly support; a close below this could lead to quick downward pressure, with potential targets at $1,560 and approximately $1,070. In addition to the SMA indicators, Martinez indicated that the 0.8 Market Value to Realized Value (MVRV) band is currently around $1,850, suggesting this price zone may act as a prime accumulation area, historically associated with swift recoveries. However, for a bullish case to resurface, Martinez stated that two key triggers are essential: first, ETH must reclaim the 200-week SMA at around $2,500, followed by a breakout above the 50-week SMA, currently about $3,100.