Ethereum may be nearing a major inflection point, according to market analyst 
Ali Martinez (@alicharts on X), who argues that a confluence of technical 
structure and on-chain valuation data is beginning to tilt the setup back in 
bulls’ favor. In a post on X, Martinez said Ethereum is showing signs of a 
“major structural shift,” pointing to a multi-year ascending triangle on the 
weekly chart, a recent test of support near $1,800, and a historically 
significant drop in the MVRV ratio. Taken together, the message was clear: the 
recent weakness may have looked less like a breakdown and more like a reset 
inside a larger bullish structure. Ethereum&#8217;s Path To $10,000? Martinez framed 
the chart setup as the backbone of the thesis. “From a technical standpoint, 
ETH continues to trade within a well-defined ascending triangle on the weekly 
chart,” he wrote. “The recent move toward $1,800 served as a critical reaction 
point, aligning with the rising trendline of this multi-year structure.” In 
other words, the analyst is not treating the bounce as an isolated event. The 
relevance comes from where it happened: directly at a level he views as 
structurally important in the context of a long-duration pattern. Related 
Reading: Ethereum Investor Druckenmiller Predicts Stablecoin-Led Payment 
Systems That technical argument was paired with an on-chain signal Martinez 
described as even more consequential. He said Ethereum’s MVRV ratio recently 
fell below 0.8, a threshold he characterized as a rare valuation reset. 
“Historically, this is a ‘Generational Buy’ zone. We saw similar resets before 
the major bull rallies of the past,” he wrote. “The fact that this on-chain 
reset happened exactly as price tested the triangle’s support adds massive 
weight to the bullish thesis.” The logic of the call rests on that overlap. A 
chart support test on its own can invite skepticism, especially after 
prolonged weakness. But Martinez’ argument is that Ethereum is not only 
holding a key structural zone; it is doing so while on-chain data suggests the 
asset has entered an area associated with deep undervaluation in previous 
cycles. That does not guarantee a trend reversal, but it does sharpen the 
significance of the current range. Related Reading: Tom Lee Says Ethereum 
Looks Ready To Exit Crypto Winter He also pointed to a momentum shift on lower 
timeframes. According to Martinez, the daily Supertrend indicator has now 
turned green for the first time since May of last year, suggesting the long 
stretch of consolidation may be giving way to a new directional move. In his 
telling, the market is moving out of a “sideways grind” and beginning to 
rebuild upward momentum. From there, Martinez laid out the price levels that 
could define whether the thesis holds. He identified $2,356 as the first major 
level Ethereum needs to reclaim, followed by $2,647 and $3,639 as mid-term 
breakout targets. Beyond that, he marked $4,632 and $5,624 as longer-term 
expansion zones. The larger prize, however, sits further out. “A sustained 
move above $2,356 would be our first confirmation that ETH is moving out of 
‘accumulation’ and into a true bull market expansion,” he wrote. “If it can 
clear the previous all-time high region near $4,900, the door opens for a move 
toward $10,000, as it will signal a breakout of the ascending triangle.” For 
now, the thesis remains conditional rather than complete. Martinez described 
the $2,000 to $1,800 range as a “prime accumulation zone,” while adding that 
the bull market is not “guaranteed” yet. That caveat matters. His case for a 
durable bottom depends on Ethereum holding the $1,800 floor and then 
reclaiming higher resistance levels in sequence. If that happens, the current 
setup could be remembered as an early-stage reaccumulation phase rather than 
just another bounce inside a broader range. At press time, ETH traded at 
$2,054. Featured image created with DALL.E, chart from TradingView.com

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