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According to the key indicator of the Ethereum (ETH) chain, it may be underestimated at the current market price. The last time ETH was undervalued in October 2023, after which he experienced a 160%rally.
Ethereum may be underestimated, the chain indicator suggests
The current result of MVRV-Z Ethereum suggests that the second largest cryptocurrency size by complete market capitalization can be undervalued at the current price. This record – used to determine whether the resource is overstated or underestimated – is currently at the lowest level for 17 months.
The low ETH MVRV-Z result indicates that the digital resource can approach the local DNA. In particular, last time, when this indicator was at a similar level in October 2023, ETH increased by 160%.
In the case of uninitiated, the MVRV-Z result compares the difference between the market value of assets and its realized value to assess the terms of purchased or sold out. The high result indicates the potential peaks of the market, while the low result suggests possible DNA.
In addition to October 2023, the result of MVRV-Z Ethereum entered the green band twice-and in December 2022 and again in March 2020. In both cases ETH then entered the stubborn phase.
In addition, the analytics on the chain indicates that cryptographic whales quietly accumulate ETH in anticipation of significant movement up. Data from Cryptoquant show that the ETH influx to the accumulation addresses increased to many years of maximas, exceeding the levels seen before the grave runs of the bulls.
High impact on accumulation addresses suggest that institutional investors and huge owners provide for an boost in ETH price. This is in line with the latest analysis anticipation ETH is ready for a significant so this year, potentially conducting digital assets up to USD 9,000.
In addition, ETH Whales – a portfolio Addresses from 1,000 to 10,000 ETH – aggressively accumulates since July 2024. This coincided with the American Commission of Securities and Exchange (SEC) approval ETH (ETF) first stock exchange fund.
Will Eth surprise the market?
In addition to the stubborn result of MVRV-Z and increasing the influx of ETH in accumulation addresses, several other indicators suggest that ETH may be on the verge of surprise, despite the reign bearish sentiment.
After the last withdrawal of the market, the weekly relative force index ETH (RSI) dropped to the three -year lowest level of optimism to the upcoming rally. However, increasing Exchange reserves on exchange can be a challenge for rush up.
Similarly, the fears of the continuous Ethereum Foundation remain selling ETH, which can contribute to suppressing prices. Since the ETH press, USD 2268 has been trading, which reflects the boost of 3.7% in the last 24 hours.
Recommended photo from Unsplash, charts from Glassnode, Cryptquant and Tradingview.com
