Ethereum (ETH) price is currently 19% below its all-time high and could potentially hit $4,000 for the first time since March 2024. Key indicators such as rising 7-day MVRV and increasing whale accumulation highlight the growing bullish sentiment around it. ETH.
If ETH breaks the $4,000 level, it could begin a surge towards the previous high of $4,867, but failure to sustain this rally could lead to a retest of key support levels.
ETH 7D MVRV shows Ethereum price could rise further
Ethereum’s 7-day MVRV rose to 6.1%, a significant increase from 0.28% two days ago. This sharp increase reflects increased unrealized profits for short-term holders, indicating increased market optimism. Historically, corrections often occurred when ETH’s 7-day MVRV approached this level.
However, there have been instances of MVRV levels extending to 7% and even 13% before significant declines, suggesting that the current rally may have more room to run.
Market Value to Realized Value (MVRV) measures the ratio of an asset’s market value to its realized value, providing insight into whether the holder is making a profit or loss. A higher MVRV signal may increase unrealized profits, creating selling pressure, while a lower value suggests undervaluation.
With ETH 7-day MVRV still below 7%, the data indicates further price upside is likely before a correction occurs if bullish sentiment holds and selling pressure does not intensify early.
Ethereum Whales Are Accumulating Huge ETH
The number of wallets holding at least 1,000 ETH hit a three-month low of 5,524 on October 30, but the trend has since reversed, showing new accumulations. By November 3, the indicator had risen to 5,599, its highest since October 6.
This increase suggests that large holders, or whales, are re-entering the market, potentially indicating growing confidence in the Ethereum price.
Tracking whale activity is very important. That’s because these large holders often have the power to influence market trends due to the significant size they control.
The recent uptick in wallets holding at least 1,000 ETH may indicate optimistic sentiment among mainstream investors. This is likely to support further price increases. If this accumulation trend continues, it could provide the foundation for continued upward momentum in the price of ETH.
ETH Price Prediction: Will it hit an all-time high soon?
The current upward trend in Ethereum price is represented by the EMA line, and if it can break the $4,000 level, it could start a new surge. It could then test the previous all-time high of around $4,800, as explained by Juan Pellicer, senior researcher at IntoTheBlock.
“Ethereum is showing strong potential to break the $4,000 level, supported by key drivers such as record institutional inflows into Ethereum ETFs, significant whale accumulation, and strong interest in staking-backed ETF products. At the same time, increased Layer 2 trading volume and increased DeFi TVL are setting the stage for Ethereum to challenge the existing high of $4,867 in the near term,” Pellicer told BeInCrypto.
On the other hand, if the current uptrend is not strong enough and ETH price cannot maintain or maintain above $4,000, it could test support zones around $3,688, $3,500, and even $3,255.
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