Gamza Khanzadaev
Ethereum defies expectations, holders surge to all-time highs as hidden bullish on-chain signals emerge
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Recent data from Santiment shows that Ethereum rebounded significantly over the weekend as the cryptocurrency soared above $3,600. This upward trajectory follows a brief slump in which his ETH price fell by up to 25% between March 11th and 19th. Despite this setback, Ethereum's resilience is evident as it continues to perform well.
A notable development contributing to the bullish outlook for Ethereum is the rapid increase in the number of ETH addresses holding the coin, reaching an all-time high of 118,230. Additionally, the medium-term market value to realized value (MVRV) ratio shows subtle bullish signals, further increasing investor confidence.
For those unfamiliar, MVRV serves as a key indicator in the cryptocurrency market, providing insight into the relationship between a crypto asset's market value and its realized value. This ratio not only helps identify potential price movements, but also reveals trader behavior and provides valuable clues to market trends.
Examining Ethereum’s 30-day MVRV trend reveals that it has fallen into negative territory, suggesting that the price could spike in the near future. Although Ethereum is currently trading more than 30% below its all-time high of $4,868, its on-chain activity remains strong, particularly with an increase in active non-empty addresses. Such activity often acts as a precursor to large price movements.
Unlike Bitcoin, which surpassed all-time highs in the current cycle, there are strong expectations for Ethereum to reach this milestone. With the MVRV indicator showing a bullish trajectory and on-chain indicators showing increased activity, Ethereum’s prospects in the altcoin world look promising.
About the author
Gamza Khanzadaev
