- Ethereum is undervalued as of press time.
- The market indicators are bearish for altcoins.
The following are some of the ways to get in touch with us. Ethereum’s [ETH] The price of crossing the border Most investors expect the $4,000 mark next Target is $5k
Ethereum’s recent price increase of more than 8 percent in just seven days further supports this idea. CoinMarketCap.
New STHs reaching record highs
At the time this article was written, ETH’s price had fallen to $3,987.46. Its market capitalization is over $478 billion.
IntoTheBlock also posted on the same day an article about the upcoming IntoTheBlock event. analysis TradingView revealed that short-term ETH holders were increasing.
In the past, when new users are active and join the network, this number tends to increase. However, in bear markets it decreases as long-term investors remain.
TradingView
Recently, the number of Ethereum investors has increased significantly. We are approaching the peak of the previous bull cycle.
When the metric last reached this level, a subsequent price rise allowed ETH reach a new high. This could be the start of ETH bull market if history repeats.
What is Ethereum and what can we expect?
AMBCrypto looked at ETH metrics in order to determine if the trend would continue.
Glassnode data analysis revealed a decrease in the Network Value to Transactions ratio (NVT).
When the value of an asset drops, this indicates that it is being undervalued and that chances for a rise in price are good.
Glassnode
CryptoQuant’s data It was revealed that ETH’s net deposit at exchanges is low compared to last week’s average. It was a positive sign, since it showed that the token had less pressure to sell.
AMBCrypto, when analyzing market sentiments, found that U.S. Investors were overwhelmingly buying, with the Coinbase Premium in green.
The Korea Premium showed that Korean investors were still selling ETH.
CryptoQuant
AMBCrypto checked ETH’s daily chart to double check if a bullish rally was possible.
Is your portfolio green? Have you checked out your portfolio? ETH Profit Calculator
While the metrics were bullish, Ethereum’s technical indicators revealed a completely different picture.
Relative Strength Index: The RSI was above the threshold of overbought. Chaikin Money Flow registered a decline as well. These indicators suggest that ETH’s bullish rally may be ending soon.
TradingView
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
