Ethereum bulls are trying to break above $ 1100
MVRV Index Indicates ETH Is Still Undervalued
Bitcoin may set further dynamics of ETH
International consortium of news organizations developing transparency standards.
Based on some metrics, Ethereum (ETH) is still undervalued despite the current break above $ 1000.
The Ethereum (ETH) rate soared on January 4 on some exchanges to the $ 1150 region, although then vigorously rolled back from the heights reached. Nevertheless, the currency continues to trade quite confidently in the area of 4-digit quotes. However, some market indicators suggest that even after this rally, the ETH rate is still undervalued..
Popular on crypto Twitter, Alex Sanders wrote on the matter that he believes in Ethereum’s bullish prospects and its ability to stage an aggressive rally and renew all-time highs..
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Record high for $ ETH was on @coinbase at $ 1500. Currently trading at $ 1050 puts us 45% away. But after everything we’ve witnessed in the past 12 months, would it really surprise you to see a 50% sling shot over this weekend or even a day? I feel it’s about to shock us all. pic.twitter.com/InlrjzYsV2
– Alex Saunders (@AlexSaundersAU) January 4, 2021
Many other analysts and crypto market observers are also confident that the true fundamental factors that can determine the strong growth of Ethereum have not yet fully declared themselves. This is also indicated by some market indicators and characteristics..
In an undeserved shadow
According to the latest statistics from Glassnode Insights, last time Ethereum spent less than a month above $ 1000, after which it found itself in a painful bear market that lasted for 2.5 years..
“However, a number of network characteristics suggest that we are still in the early stages of a bull market, compared to similar price levels in 2018”.
In their report, experts analyzed the index of the market value of an asset to actual value (MVRV), which is based on market and actual capitalization. This indicator, developed by David Puell and Murad Mahmudov, shows when the price at which an asset is trading is below its “fair value”.
BITCOIN HOLDERS *BEWARE* – THIS IS UNBELIEVABLE!!! – ETHEREUM *STILL* EXTREMELY UNDERVALUED!!?
According to Glassnode, the MVRV index is still at extremely low levels since the beginning of 2018, when the currency was trading at similar levels..
Winklevoss Ethereum Price Prediction: Tyler Winklevoss on how ETH hits $78,000
The last time the index was just as low before the 2017 bull run, ETH was under $ 25..
“This suggests that in the current market conditions, ETH has the potential for significant further growth before it becomes overvalued,” summarize the experts..
How to Retire on ETHEREUM by 2030 or sooner
We are waiting for the maximum update?
Ethereum has demonstrated its correlation with Bitcoin on more than one occasion. There is no reason to believe that this time the two main cryptocurrencies of the world will break their tandem for some reason..
Immediate support for ETH is now around $ 850, and the stronger one is around $ 725, where the market has consolidated for almost a week.
Growth attempts may encounter resistance around $ 1230 (weekly candlestick closing level in January 2018).
Read also: Open interest in ETH derivatives reaches record high
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