Ethereum (ETH) on-chain indicators suggest the altcoin market could be primed for a price surge, according to digital asset analytics firm CryptoQuant.
The company said on social media platform
“This means the ETH market is heating up. Historically, when Ethereum surges, other alts tend to follow.”
MVRV is the ratio of a digital asset’s market capitalization to its realized capitalization (the value of any asset at its purchase price). It is used to evaluate whether a token is undervalued or overvalued.
At the time of writing, ETH is trading at $3,514. The second-largest cryptocurrency asset by market capitalization has largely traded sideways this week.
CryptoQuant also notes that Bitcoin is trading below the critical support level of $65,800, with the company suggesting a potential 8%-12% correction towards $60,000.
As of this writing, the price of BTC is $64,148. The top cryptocurrency asset by market capitalization is down nearly 1.5% in the last 24 hours and more than 3% over the past week.
Julio Moreno, head of research at CryptoQuant, says for
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