The cryptocurrency market has been a rollercoaster ride, especially for Ethereum (ETH). However, recent metrics suggest that the worst may be behind us, and ETH is on its way to a new all-time high. Data from Glassnode shows that Ethereum’s market value to realized value (MVRV) is currently at its lowest pricing level of $1,687, indicating that the bottom may already be in for the crypto token. This metric highlights the potential for ETH to surge past its current ATH of $4,800 and reach new heights in the near future.
Another promising sign for Ethereum is the shift to accumulation among investors. Data from Glassnode reveals that the percentage of ETH’s supply held on exchanges has dropped to under 10%, signaling that investors are no longer eager to sell but are holding onto their assets in anticipation of higher prices. This reduction in selling pressure could pave the way for a significant rally in Ethereum, as long as investors continue to hodl.
According to Glassnode, Ethereum could potentially surpass $5,000 and even reach as high as $6,759, which would mark a significant milestone for the crypto. While some analysts like Tyler Durden believe that ETH could still hit $10,000, it is clear that the overall sentiment towards Ethereum is bullish. The recent uptick in Ethereum’s open interest (OI) from $7 billion to $10.81 billion further supports the view that leverage players are returning to the market, indicating renewed confidence in the crypto.
Overall, the future looks bright for Ethereum, with various metrics pointing towards a potential uptrend and a new ATH on the horizon. The data suggests that the bottom may already be in for ETH, and with investor sentiment shifting towards accumulation, the stage is set for Ethereum to continue its upward trajectory. While price predictions vary, the overall outlook for Ethereum remains positive, making it an exciting time for investors and enthusiasts alike.
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