Ethereum reclaimed a key on-chain metric this week, and one analyst says it could set the stage for a run to $3,000. The move above the 0.8 MVRV Pricing Band near $1,800 has historically marked the end of weakness phases. Crypto analyst Ali Martinez pointed to the breakout on August 6, noting that similar recoveries over the last six years often led Ethereum toward or above its Realized Price, currently near $2,300.
The MVRV signal
The 0.8 MVRV Pricing Band acts as a line between weakness and recovery. Ethereum reclaimed it as support after breaking above it. Martinez highlighted that an MVRV Momentum golden cross formed after the recovery. Previous such signals were followed by rallies of 50%, 166%, 74%, and 113%. That history gives the current setup weight, though past performance doesn't guarantee future results.
Where ETH stands now
Ethereum was trading around $1,900 at the time of writing, up 1.6% in the last 24 hours and nearly 7% over the last 30 days. But it's still down more than 47% over the last year. The all-time high near $4,950 came in August 2025, and ETH remains about 62% below that level. The $3,000 area is identified as the next major target if buying pressure continues. On-chain data shows over 10 million ETH changed hands around that price, making it a major resistance zone.
Trader targets
Trader Ted Pillows said Ethereum could move toward $2,000 if it holds the $1,800 region after an 18.5% jump in July. He noted spot buying activity as a positive sign. Michaël van de Poppe echoed that view, saying holding $1,800 could lead to a move above $2,000 and then toward $2,300. Both traders see the $1,800 level as critical support.
Broader market implications
Some traders believe a stronger Ethereum move could improve sentiment across the wider market, potentially affecting the next phase for altcoins. That depends on Ethereum breaking through resistance levels. For now, the focus is on whether ETH can hold above $1,800 and push through $2,000. The $3,000 zone remains a major hurdle, with over 10 million ETH sitting there as potential selling pressure.
