Top Analyst Sees Final Hurdle Before Bull Run

For him, the main hurdle is the 2,750 area. Therefore, Ethereum needs to break above and hold this zone to confirm buyers are gaining control.

The challenge is the amount of $ETH previously traded at higher levels. Martinez’s chart shows a large supply area between $2,722 and $2,822, where more than 13.3 million $ETH changed hands.

This makes the zone important because many holders in this range could sell if $ETH returns to their previous buying prices.

Whale Buying Supports Martinez’s $ETH Setup

While this supply wall remains, whale activity is moving in the opposite direction. According to Martinez, transactions worth more than $1 million jumped from 1,202 to 7,113 in one week, an increase of nearly 500%.

More importantly, large holders added more than 320,000 $ETH, worth around $864 million at current prices.

For Martinez, this rising whale demand is important because it shows that large holders are continuing to accumulate while $ETH approaches the resistance zone.

If this buying pressure absorbs the available supply, the breakout could become easier.

ETF Inflows Add More Buying Pressure

Martinez’s view is also supported by strong institutional demand. U.S. spot Ethereum ETFs recorded six consecutive days of inflows, bringing the weekly total to about $690 million.

The buying streak started with a $270 million net daily inflow, marking the strongest single day for Ether funds since the October 2025 cycle peak.

Ethereum Price Targets: $3,400

Meanwhile, Martinez’s bullish setup does not end at $2,750. He says that once Ethereum clears the main hurdle, he sees $3,400 as the next major target.

The chart also shows resistance around $2,970 and $3,366 before $ETH reaches that level.

Beyond $3,400, Martinez sees the possibility of Ethereum moving toward the 4,300 range if buying momentum remains strong.