The post How Ethereum’s MVRV could have a say in its next price rally to $3.8K appeared on BitcoinEthereumNews.com.

Ethereum’s MVRV momentum neared a bullish cross, with technical indicators signaling strong upward potential Higher derivatives activity and short liquidations lent fuel to Ethereum’s bullish momentum Ethereum [ETH], at the time of writing, was gaining traction as it seemed to be approaching a critical MVRV Momentum cross above the 180-day moving average—A historical indicator of bullish performance. This signal, closely watched by traders, often marks the start of Ethereum’s strongest uptrends by highlighting when ETH is undervalued, relative to the average profit margin of its holders.  Following ETH’s recent rally from $2,400 to $2,800, the crypto community is eyeing this cross as a potential catalyst for further gains.  At press time, ETH was trading at $2,829.58, following a 7.19% hike in the last 24 hours. However, as this cross is yet to occur, there may still be more room for Ethereum’s momentum to build. Hence, the question – Does this mean a major rally may be on the horizon? Source: X/Ali ETH chart analysis – Technical indicators signal strength Examining Ethereum’s daily chart, key technical indicators revealed a promising outlook. ETH recently broke above a descending channel, indicating a shift in momentum. At press time, the RSI had a value of 65.10, slightly below the overbought threshold. This suggested that there’s still room for further upward movement.  Meanwhile, the MACD crossed above the signal line, confirming a bullish trend that could support further gains if buying pressure continues. This confluence of indicators highlighted ETH’s strong position as it neared a critical resistance, setting the stage for a possible run towards its next target of $3,891. Source: TradingView ETH derivatives data – Rising investor interest Ethereum’s derivatives data reinforced this positive outlook. Open interest climbed by 8.65% to $16.11 billion, showing greater trader engagement. Additionally, Options Open Interest grew by 13.48%…

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Filed under: News - @ November 8, 2024 10:18 am