Ethereum Surges Again? Last Time It Jumped 160%, Can It Double This Time?

🔥 Key Indicators Suggest ETH is Severely Undervalued!

On-chain data shows that the current market price of Ethereum (ETH) may be far below its actual value. The MVRV-Z score, a key indicator, is at a 17-month low, highly similar to the situation before the 160% surge in October 2023!

📈 Institutions Are Hoarding Coins, ETH Might See Major Market Movements

On-chain data indicates that large holders are significantly increasing their ETH holdings, with the number of addresses accumulating ETH reaching a multi-year high, even exceeding levels prior to the last bull market. This suggests that institutions and whale investors expect a substantial increase in ETH prices.

🚀 With ETF Support, Is ETH Aiming for $9,000?

Since July 2024, whale wallets holding between 1,000 to 10,000 ETH have been continuously increasing their holdings, and the news of the U.S. Securities and Exchange Commission (SEC) approving a spot ETH ETF has further boosted market expectations for an ETH breakout. Some analysts believe that ETH is likely to challenge the $9,000 mark this year.

⚠️ Challenges Still Exist, Can ETH Break Out Against the Odds?

Despite several indicators signaling bullish trends, the continued selling by the Ethereum Foundation and the increase in exchange reserves may still suppress price movements. However, ETH's weekly Relative Strength Index (RSI) has dropped to a three-year low, with technical signals indicating a strong rebound.

Will ETH Ignite the Market Again, Repeating a 160% Increase? Or is it Just a Short-term Bounce? The market is approaching a critical moment!