Is Ethereum about to explode? 😱🚀 On-chain signals reappear, a 160% surge is imminent!
Ethereum (ETH) might be about to create a frenzy again! A key on-chain metric shows that the current ETH price is severely undervalued. The last time this signal appeared was in October 2023, after which ETH surged by 160%. Will it reach a new high this time?
On-chain data indicates: ETH is undervalued!
The MVRV-Z score for ETH has dropped to a 17-month low, suggesting that the second-largest cryptocurrency is being 'sold off' by the market. This metric assesses whether an asset is overbought or oversold by comparing market capitalization with actual value, with low scores indicating proximity to the bottom. The last similar situation occurred in October 2023, after which ETH skyrocketed by 160%. History also shows that after the MVRV-Z entered the green zone in December 2022 and March 2020, ETH experienced bull markets.
Big players are quietly accumulating; ETH is poised to take off
On-chain data reveals that giants are quietly hoarding ETH! CryptoQuant shows that the amount of ETH flowing into accumulation addresses has reached a multi-year high, even surpassing levels before previous bull markets. This indicates that institutions and large holders are optimistic about ETH's price increase, with analyses predicting ETH could soar to $9,000 this year. Since July 2024, whales holding between 1,000 to 10,000 ETH have been consistently increasing their positions, coinciding with the SEC's approval of the first spot ETH ETF.
Will ETH make a comeback?
In addition to the bullish signals from the MVRV-Z and the surge in funds in accumulation addresses, the weekly RSI for ETH has dropped to a three-year low, suggesting a rebound is imminent. However, the increase in ETH reserves on exchanges and potential selling by the Ethereum Foundation could hold it back. As of the time of writing, ETH is priced at $2,268, up 3.7% in 24 hours, creating suspense in the market!
Ethereum (ETH) might be about to create a frenzy again! A key on-chain metric shows that the current ETH price is severely undervalued. The last time this signal appeared was in October 2023, after which ETH surged by 160%. Will it reach a new high this time?
On-chain data indicates: ETH is undervalued!
The MVRV-Z score for ETH has dropped to a 17-month low, suggesting that the second-largest cryptocurrency is being 'sold off' by the market. This metric assesses whether an asset is overbought or oversold by comparing market capitalization with actual value, with low scores indicating proximity to the bottom. The last similar situation occurred in October 2023, after which ETH skyrocketed by 160%. History also shows that after the MVRV-Z entered the green zone in December 2022 and March 2020, ETH experienced bull markets.
Big players are quietly accumulating; ETH is poised to take off
On-chain data reveals that giants are quietly hoarding ETH! CryptoQuant shows that the amount of ETH flowing into accumulation addresses has reached a multi-year high, even surpassing levels before previous bull markets. This indicates that institutions and large holders are optimistic about ETH's price increase, with analyses predicting ETH could soar to $9,000 this year. Since July 2024, whales holding between 1,000 to 10,000 ETH have been consistently increasing their positions, coinciding with the SEC's approval of the first spot ETH ETF.
Will ETH make a comeback?
In addition to the bullish signals from the MVRV-Z and the surge in funds in accumulation addresses, the weekly RSI for ETH has dropped to a three-year low, suggesting a rebound is imminent. However, the increase in ETH reserves on exchanges and potential selling by the Ethereum Foundation could hold it back. As of the time of writing, ETH is priced at $2,268, up 3.7% in 24 hours, creating suspense in the market!
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