Ethereum (ETH) seems to have weathered the storm, with indicators pointing towards a potential new all-time high. Data from Glassnode suggests that the market value to realized value (MVRV) of Ethereum has hit a low of $1,687, indicating that the crypto has bottomed out. This is a positive sign that Ethereum is on track to surpass its current all-time high of $4,800 and potentially reach new heights in the near future.
One of the key factors contributing to Ethereum’s upward trajectory is the shift towards accumulation among investors. The percentage of ETH supply held on exchanges has dropped to under 10%, signaling that investors are holding onto their assets in anticipation of higher prices. This reduction in selling pressure bodes well for Ethereum’s price stability and sets the stage for a significant rally as long as investors continue to hold onto their tokens.
Glassnode data suggests that Ethereum could potentially soar above $5,000 and even reach up to $6,759, the highest MVRV pricing level for the crypto at the moment. While some analysts predict that Ethereum could hit $10,000, reaching $6,759 would still mark a significant milestone for the cryptocurrency. The positive momentum and confidence among investors indicate that Ethereum is poised for further growth in the coming months.
Recent metrics highlighted by Cryptoquant point towards Ethereum gearing up for its next leg up. The Taker Buy-Sell Ratio, which measures the ratio of Ethereum buyers to sellers, is showing a positive trend as bullish sentiment strengthens and bears are kept at bay. Additionally, Ethereum’s open interest (OI) is on the rise, currently standing at 10.81 billion after a dip to $7 billion following the August 5 market crash. This increase in OI suggests that leveraged players are re-entering the market, further bolstering Ethereum’s upward momentum.
Overall, the outlook for Ethereum looks promising as it emerges from recent market turbulence with renewed strength and confidence among investors. With key metrics signaling a potential new all-time high and positive market sentiment, Ethereum is on track for a successful bull run in the coming months.
