Ethereum (ETH) has been one of the few stable cryptocurrencies during the recent market rise. Some people have bought a lot of cryptocurrencies in the last 36 hours. The price data for ETH show that it is rising, making it the leader.
A week ago, the price of ETH dropped to $2.86k, which was a significant drop. But strong bulls jumped in quickly and raised the token’s value by over 3.5% in just 24 hours. ETH is worth $3,007.64 right now, and its market value is more than $361 billion.
Ali, a famous crypto expert, found a flashing buy signal on ETH’s chart, which added to the confidence in the cryptocurrency. Ali’s research shows that there could be a rebound of one to four candlesticks, which means that the price is likely to keep going up.
Ethereum Exchange Reserves Surge
Reporters looked more closely at CryptoQuant’s data to learn more about how the market works. They saw that ETH’s exchange reserves had grown significantly, which meant that buyers were feeling pressure to sell. But a closer look at Santiment’s data showed a different story. It showed that the supply of ETH on platforms has gone up over the past week.
Surprisingly, the amount of Ethereum owned by top addresses stayed pretty stable, which suggests that whales didn’t do much. Major holders may be being cautious because they think the market is about to peak, which will allow them to make currency by selling their shares.
We used Glassnode’s tools to guess how long this bullish rise would last. This week, the Network To Value (NVT) ratio for ETH went down. This means that the coin is undervalued and gives people hope that the price will go up. The MVRV ratio for Ethereum also got a lot better, it’s now at -0.68%, which makes people even more hopeful.
Plus, the market felt better about ETH, which was supported by the fact that its weighted sentiment measure also went up. It looked like there might be a long-term upward trend because of the bullish crossing in the technical indicators, especially the MACD.
Even so, some danger signs began to appear, even though most people were still feeling positive. For traders, this means they need to be extra careful while the market is still very unpredictable. Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) went down.
