Ethereum Gears Up for $2,850 Recovery as Price Hits Break-Even Point

Ethereum hits net gains?Ethereum could reclaim $2,850 soonThe recent market downturn has seen Ethereum effectively erase multiple years of gains as its price plummets back to a familiar level last seen around March 2021.Despite the several periods of bullish and bearish cycles when the market continued to see a mix of major rallies and sharp downturns, ETH has typically gone full circle according to recent data from popular crypto analyst Ali Martinez.Ethereum hits net gains?The data showcased suggests that a $10,000 investment made around March 2021 would still be worth about the same today as Ethereum is currently sitting at a zero net gain. HOT Stories While the flat Ethereum price performance over the specified years might seem negative for the asset, the analyst has revealed that it potentially provides a bullish outlook for Ethereum. You Might Also Like According to Martinez, it is worth noting that Ethereum has posted zero net gains in its price over the five-year period despite the multiple cycles of severe volatility, explosive bull runs, and deep bear-market liquidations seen since March 2021.This suggests that Ethereum is now at a retest phase and $1,060 has become a crucial level that could determine its next move, as this was the same level where strong buyers stepped back in when a similar cycle occurred in the past.Ethereum could reclaim $2,850 soonThe analyst further noted that Ethereum could set the pace for a potential rally towards $2,850 and $4,630 depending on its ability to maintain a steady close above $1,060.Notably, Ethereum could see a strong price breakout if it manages to hold above the level despite the persisting downside pressure.