Ethereum Price Targets $5,210 & $6,946 on Bullish Sentiment
Ethereum price surged nearly 20% last week, reclaiming the $4,200 level for the first time since 2021. On-chain data shows long-term holders shifting from ‘capitulation’ to ‘belief,’ a transition typically marking early bullish cycles. Analyst Ali Martinez identifies $5,210 as the first major resistance, with a successful breakout paving the way to $6,946.
Fundamentals are also strengthening: post-Pectra upgrade, Ethereum’s 180-day moving average of new smart contracts hit an all-time high, highlighting sustained developer engagement. DeFi platform Aave surpassed $10 billion in daily volume, while NFT marketplace OpenSea processed over 1 million daily transactions. Lower gas fees and improved scalability are driving real-world adoption and could act as a leading indicator for further price rallies.
With growing buyer conviction, record smart contract activity and enhanced network capabilities, Ethereum appears poised for continued upside, making the $5,210 and $6,946 levels critical focus points for traders.
Bullish
The shift in long-term holder sentiment from capitulation to belief historically signals early bullish cycles, reducing sell pressure and boosting demand. Ethereum’s nearly 20% rally and reclaim of $4,200 bolster short-term momentum. Key resistance levels at $5,210 and $6,946 align with Pricing Bands, guiding trader expectations. On-chain fundamentals—an all-time high in the 180-day moving average of new smart contracts—underscore sustained developer engagement post-Pectra upgrade. Major DeFi and NFT platforms report record volumes and transactions, indicating real-world adoption and deeper network utility. In the short term, traders may target the $5,210 breakout; in the long term, growing network activity and reduced fees support further appreciation, making the outlook bullish.