Ethereum Gained 160% The Last Time This On-Chain Indicator Flashed – Will ETH Soar Again?
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According to key chain chain indicators, Ethereum (ETH) may be undervalued at current market prices. The last time ETH was underestimated was in October 2023, after which it experienced 160% rally.
Ethereum may be underestimated, chain indicators indicate
Ethereum’s current MVRV-Z score suggests that the second largest cryptocurrency by total market capitalization may be undervalued at its current price. The indicator – used to determine whether an asset is overvalued or undervalued – is currently at its lowest level in 17 months.
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ETH’s low MVRV-Z score suggests that digital assets may be approaching the local bottom. It is worth noting that the indicator last saw ETH soar 160% at its October 2023 level.
For beginners, the MVRV-Z score compares the difference between the market value of an asset and its realized value to evaluate the over-trading conditions. High scores indicate potential market tops, while low scores indicate possible bottoms.
In addition to October 2023, Ethereum’s MVRV-Z score has also entered the Green Band twice, once in December 2022 and March 2020. Twice, ETH then entered a bullish stage.
Furthermore, chain analysis shows that crypto whales are quietly accumulating ETH, with a major upward movement expected. Data from crypto volumes suggest that ETH inflow accumulation addresses have soared to years highs, surpassing the level before the Big Bull run.
The address of massive inflow accumulation indicates that institutional investors and large holders expect ETH prices to rise. This is consistent with recent analysis predict ETH is expected to hold a large number of rallies this year, potentially increasing its digital assets to $9,000.
In addition, ETH Whale (Wallet) is a problem that has been actively accumulating since July 2024 to hold between 1,000 and 10,000 ETH. This coincides with the Securities and Exchange Commission (SEC) Agree First Exchange Traded Fund (ETF).
Will ETH surprise the market?
Apart from the bullish MVRV-Z score and adding ETH components to the accumulation address, some other indicators show that ETH is on the verge of surprise rally despite the prevalence of ETH. Bearish mood.
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ETH’s weekly relative strength index (RSI) has already been in the wake of recent market decline Falled The looming gathering was a three-year low, fueling optimism. However, Increase Exchange ETH reserves may challenge upward momentum.
Similarly, still pay attention to the Ethereum Foundation’s continuity sell ETH, which may lead to price suppression. As of press time, ETH was trading at $2,268, reflecting a 3.7% increase in the past 24 hours.
Featured images from Unsplash, charts for GlassNode, CryptoFueant and TradingView.com
