Recent data from Santiment indicates a significant rebound for Ethereum over the weekend, as the cryptocurrency surged past $3,600. This upward trajectory follows a brief downturn, 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 showcase strong performance.
A notable development contributing to Ethereum’s bullish outlook is the surge in the number of ETH addresses holding coins, reaching an all-time high of 118,230. Additionally, the midterm market value to realized value (MVRV) ratio has displayed a subtle bullish signal, further bolstering investor confidence.
For those unfamiliar, MVRV serves as a crucial metric in the cryptocurrency market, offering insights into the relationship between a crypto-asset’s market value and its realized value. This ratio not only aids in identifying potential price fluctuations but also sheds light on traders’ behavior, providing valuable cues for market trends.Source: Santiment
Examining Ethereum’s 30-day MVRV trend reveals a dip into negative territory, suggesting a probable price surge in the near future. While Ethereum currently trades over 30% below its all-time high of $4,868, its on-chain activity remains robust, particularly evident in the increase of active non-empty addresses. Such activity often serves as a precursor to significant price movements.
Unlike Bitcoin, which has surpassed its previous all-time high in the current cycle, Ethereum’s ascent to this milestone is eagerly anticipated. With the MVRV indicator signaling a bullish trajectory and on-chain metrics pointing toward increased activity, Ethereum’s prospects appear promising in the altcoin landscape.
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