Crypto analyst Ali Martinez said on August 6 that Ethereum’s recent move above a major MVRV pricing level could open the way toward a $3,000 target.

The market watcher’s view is based on historical on-chain patterns that have previously appeared before major ETH recoveries, though resistance levels remain ahead.

Ethereum Reclaims MVRV Level as Analysts Watch $3K Target

“ETHEREUM IS HEADING TO $3,000,” Martinez announced in a post on X.

He said the asset turned bullish after breaking above its 0.8 MVRV Pricing Band near $1,800 and explained that this level has historically acted as a point where ETH goes from weakness into recovery phases.

The move followed an earlier July 6 post from the analyst, where he had identified $1,800 as the level Ethereum needed to clear. At the time, ETH was testing that area as resistance, with a successful daily close above it expected to increase the chances of a move toward its Realized Price.

In his August 6 post, Martinez confirmed that the world’s second-largest cryptocurrency had since reclaimed the MVRV as support. According to him, similar recoveries over the last six years have often led Ethereum toward, or above, its Realized Price, which currently sits near $2,300.

He also pointed to an MVRV Momentum golden cross that formed after ETH’s recovery, with previous signals of this type being followed by rallies of 50%, 166%, 74%, and 113%. The metric compares Ethereum holder profitability with its 160-day moving average and is used by analysts to track shifts between selling periods and recovery phases.

The asset was trading around $1,900 at the time of writing after rising 1.6% in the last 24 hours. It has gained almost 7% over the last 30 days but remains down more than 47% over the last year. ETH reached an all-time high near $4,950 in August 2025 and is still around 62% below that level.

According to Martinez, the $3,000 area is the next major target if buying pressure continues. The analyst pointed to on-chain transaction data showing more than 10 million ETH previously changed hands around that price, making it a major resistance zone.

Market Watches Ethereum’s Breakout Attempt

Other traders have also focused on Ethereum’s recovery, with trader Ted Pillows saying it could move toward $2,000 if it holds the $1,800 region following an 18.5% jump in July, adding that the fact that there was spot buying activity was a positive sign.

Michaël van de Poppe also said holding $1,800 could lead to a move above $2,000 and then toward $2,300.

Some traders believe a stronger ETH move could improve sentiment across the wider market, possibly affecting the next phase for altcoins, although that depends on whether Ethereum can continue breaking through resistance levels.

For now, Martinez’s $3,000 forecast relies on ETH maintaining its MVRV breakout and continuing the pattern seen in previous cycles. According to him, the next areas traders should be watching are around $1,980 to $2,080, followed by the $2,773 region he had mentioned in a previous update.

Source: CryptoPotato