Ethereum
Ethereum Receives Hidden Bullish Signal Amid New All-Time High
Gamza Khanzadaev
Ethereum defies expectations, reaching record holders as hidden on-chain bullish signals emerge
Read U.TODAY on
Google News
Recent data from Feeling indicates a significant rebound for Ethereum over the weekend, as the cryptocurrency surpassed $3,600. This upward trajectory follows a brief slowdown, where ETH Price experienced a drop of up to 25% between March 11 and 19. Despite this setback, Ethereum’s resilience is evident as it continues to post strong performance.
A notable development contributing to Ethereum’s bullish outlook is the increase in the number of ETH addresses holding coins, reaching an all-time high of 118,230. Additionally, the mid-term market value to realized value (MVRV) ratio has shown a subtle bullish signal, further strengthening investor confidence.
For those unfamiliar, MVRV is a crucial metric in the cryptocurrency market, providing insight into the relationship between a cryptoasset’s market value and its realized value. This ratio not only helps identify potential price fluctuations but also sheds light on trader behavior, providing valuable insights into market trends.
Source: Feeling
Examining Ethereum’s 30-day MVRV trend reveals a drop into negative territory, suggesting a likely price rally in the near future. While Ethereum currently trading more than 30% below its all-time high of $4,868, its on-chain activity remains robust, particularly evident in the increase in non-empty active addresses. Such activity often serves as a precursor to significant price movements.
Contrary to Bitcoin, which surpassed its previous all-time high in the current cycle, Ethereum’s rise to this milestone is highly anticipated. With the MVRV indicator signaling a bullish trajectory and on-chain metrics pointing toward increased activity, Ethereum’s outlook looks promising in the altcoin landscape.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.