title: Ethereum (ETH) Price Prediction: Will the Cryptocurrency Continue Its Upward Trajectory?

In May, ETH climbed past its Realized Price of $1,900, signaling a return to profitability for the average holder.

The price of Ethereum (ETH) has been showing major strength recently, managing to rally to the crucial resistance of $2,700.

After a massive 50% upside in the last 15 days, the altcoin is now facing some selling pressure as it slipped back below the $2,600 level.

However, despite the fact that the volumes have dropped drastically—a 25% decline in daily trading volumes—the selling pressure is expected as the apex court prepares to pronounce its verdict on Friday on a plea seeking to stay the Central Bank of India’s (RBI) 2018 ban on cryptocurrency.

Furthermore, the U.S. president's threat to impose a 50% tariff on the EU starting June 1 has also had an impact, leading to a decline in the broader crypto market.

On-chain analysis firm Glassnode highlighted that the price of ETH has crossed its Realized Price of $1,900, which is the average price at which coins were last moved, suggesting that the average holder is now in the money.

The current price has also crossed the True Market Mean of $2,400, which is the average price at which coins have traded over the last 128 days.

According to Glassnode, this level is usually a good indicator of where an asset is "fairly valued" at. However, analysts suggest that reclaiming the Active Realized Price at $2,900 is essential to solidify investor confidence and sustain the upward trajectory.

This level represents the average acquisition price of the most active participants in the Ethereum market, and breaking through it could signify a shift in the balance of power among different trader cohorts.

"If this level is breached to the upside, it could indicate a strong influx of capital from a less leveraged segment of the market, setting the stage for a sustained rally towards all-time highs."

On-chain metrics indicate that there is underlying strength in ETH, but bulls will need to show more strength to break through the Active Realized Price and continue the move toward all-time highs.

Prominent crypto analyst Ali Martinez has identified a robust support level for Ethereum at $2,370. In a recent analysis, Martinez noted the absence of major resistance barriers above this price point, suggesting potential for further upward momentum.

"Ethereum has built a solid support floor at $2,370, with no significant resistance walls ahead!"

In addition, he highlighted the presence of a liquidity pool at $2,500, which could serve as a point of contention between buyers and sellers.

"Liquidity is key in any market, and this level could pose a challenge as traders attempt to push through to continue the rally."

Overall, Martinez believes that Ethereum is encountering less resistance on its upward path, presenting an opportunity for bulls to capitalize and drive the cryptocurrency higher.

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