Following the recent pullback, Ethereum's price has returned to the range it was in around March 2021. Market analyst Ali Martinez believes this means that ETH's cumulative gains over the past few years have been almost wiped out, making $1060 a key level to watch going forward.

Returning to the price range of several years ago

According to data cited by Martinez, if an investor had invested $10,000 in Ethereum in March 2021, the investment would have nearly broken even at current prices.

This means that despite Ethereum experiencing multiple rounds of rises and falls over the past few years, the price has ultimately returned to its previous key range. The article argues that while this return to its starting point may appear weak on the surface, it could also indicate that the market is testing long-term support.

$1060 becomes a key level

Martinez stated that $1060 is the core price level in this round of price movement. Previously, during similar cycles, buying pressure re-entered the market near this level, so whether this position can hold may determine the next direction of ETH.

If the price continues to close above $1060, it indicates that there is still support below, and market sentiment may gradually recover. Conversely, if this support level is breached, ETH may still face further downward pressure.

The first target is $2850.

According to Martinez's assessment, as long as Ethereum remains above the key support level, the price has a chance to rebound to $2,850 first, with a further target of $4,630.

However, the article also mentions that the downward pressure in the market has not completely subsided. Whether ETH can achieve a stronger breakout still depends on whether it can maintain a stable close above the key range and attract more buying interest.