According to recent statistics from Santiment, Ethereum saw a notable resurgence over the weekend, rising beyond $3,600. This increasing trend comes after a short dip in which the price of ETH fell by as much as 25% from March 11 to March 19. Ethereum has demonstrated its endurance in the face of this setback, as evidenced by its continued good performance.
An important trend supporting Ethereum’s optimistic view is the increase in ETH addresses holding currency, which has reached a record high of 118,230. Investor optimism has been further reinforced by the midterm market value to realised value (MVRV) ratio, which has shown a little optimistic signal.
For those who are not acquainted, MVRV is a key indicator in the cryptocurrency space that provides information on how the market value and realised value of a cryptoasset relate to one another. In addition to helping to spot possible price swings, this ratio illuminates trading behaviour and offers insightful hints about market patterns.
The 30-day MVRV trend for Ethereum shows a drop into negative territory, indicating a likely price increase in the near future. Ethereum’s on-chain activity is still strong even if its price is presently almost 30% below its all-time high of $4,868, as seen by the rise of active non-empty addresses. Substantial price fluctuations are frequently preceded by such behaviour.
Ethereum’s rise to this milestone is much expected, in contrast to Bitcoin, which in the current cycle has eclipsed its prior all-time high. With on-chain indicators indicating higher activity and the MVRV indicator indicating a positive trend, Ethereum’s prospects in the altcoin market seem bright.
