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ETH Analyst Ali said that if Ethereum breaks through the resistance range of $2722 to $2970, its price may target $5000. The number of whale addresses holding more than 10,000 ETH increased by 1.74%, while more than 180,000 ETH flowed out of the exchange within a week. ETH's MVRV crossover had previously signaled a 34% gain, and analysts believe $2235 could constitute potential support before further gains.
analyst Ali pointed out that if Ethereum breaks through the key resistance range of US$2722 to US$2970, the price is expected to hit US$5000. On August 19, ETH's MVRV ratio crossed its 160-day moving average, and prices subsequently rose 34%. ETH climbed from $1905 to $2547, and the accumulation of whale addresses and exchange outflows increased simultaneously.
Whale buying boosts Ethereum's recent rally
Ali said that in the past week, the number of addresses holding more than 10,000 ETH has increased by 1.74%, adding 17 new whale addresses to the network. At the same time, more than 180,000 ETH flowed out of the exchange during the same period. Ali pointed out that the outflows were worth approximately $440 million, echoing the rise in whale holdings. After the MVRV crossover on August 19, ETH traded around the $1880 to $1900 range between August 16 and 19. However, the price then broke through the $2000,$2100 and $2200 barriers. ETH then hit the $2500 to $2520 region and then entered the sideways consolidation range.
US$2722 becomes the main resistance level
Ali identified $2722 to $2970 as the main resistance range. URPD data shows that 16.7 million ETHs had previously changed hands in this range. Therefore, if prices continue to stabilize above this range, the supply barriers identified by Ali will be eliminated. He said the next major MVRV pricing range is near the 2.4 MVRV level, which is about $5363. However, Ali also pointed out that Ethereum may first fall back to near its realized price, which is about $2235. He believes the pullback is reasonable before it is possible to move towards the 2.4 MVRV range. The latest market data shows that the price of ETH is approximately US$2456. Support is around $2400 to $2420, and deeper support is in the $2300 to $2350 range.
Kinetic energy remains positive but tends to moderate
The RSI indicator for ETH is 54.91, and its average is close to 54.52. The reading is still above the neutral 50 level, but has not entered overbought territory. At the same time, the MACD indicator shows limited short-term momentum. The histogram value is-0.02, and the MACD line and signal line are 6.18 and 6.21 respectively. 
From the hourly chart, the $2500 to $2520 region is still the direct resistance level. If it breaks through this region, it will enhance the short-term upward momentum; if it fails to break through, ETH may continue to consolidate or fall back to US$2400.
