The post Can This Drive A New ATH Above $5,000? appeared on BitcoinEthereumNews.com.

The worst looks to be over for Ethereum (ETH), as certain metrics suggest that the bottom is already in for the second-largest crypto by market cap. Based on this, ETH looks to be headed for a new all-time high (ATH), surging past its current ATH of $4,800.  Ethereum MVRV Shows Bottom Is In Data from the onchain analytics platform Glassnode shows that Ethereum’s market value to realized value (MVRV) lowest pricing level is at $1,687, which suggests that the bottom is already in for the crypto token. These MVRV pricing levels highlight how low or high a token will likely reach in a market cycle based on unrealized loss or unrealized profits.  Related Reading Source: Glassnode As such, Ethereum is unlikely to see a drop below the $1,687 price level and instead looks headed for its market top. It is worth mentioning that Ethereum dropped to as low as $2,200 following the market crash on August 5. That price level is close to the $2,109 MVRV pricing band, which Glassnode highlighted, further proving that the crypto has bottomed.  Meanwhile, the shift to accumulation among Ethereum investors indicates that they are no longer looking to sell their assets but are holding in anticipation of higher prices. Data from Glassnode shows that the percentage of ETH’s supply held on exchanges has drastically declined to under 10%. This is significant as it potentially reduces the selling pressure on Ethereum and primes it for a massive rally as long as investors continue to hold.  Source: Glassnode Data from Glassnode shows that Ethereum could rise above $5,000 and reach as high as $6,759, which is the highest MVRV pricing level for the crypto at the moment. That price level could mark a market top for Ethereum in this bull run, although crypto analysts like Tyler…

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Filed under: News - @ August 22, 2024 4:09 am