#MarketCorrectionBuyOrHODL

Whales Accumulate Ethereum, Could Lead to New High

The price of Ethereum (ETH) recently broke above $$ 4K for the first time since March 2024, marking a 25% gain in the last 30 days.

However, the 7-day MVRV ratio, now at -1.35%, suggests that short-term holders are facing unrealized losses, indicating a potential for further downside before a recovery.

Historically, ETH tends to bounce back after the MVRV drops to -4% or lower, aligning with increased whale accumulation as addresses holding at least a thousand ETH units have steadily increased in December.

While the cryptocurrency faces key resistance at $$ 3.987, breaking it could lead to $$ 4.100 and beyond. However, bearish signals from the converging EMA lines may test its support at US$ 3.500 or lower.

BNB