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Ethereum (ETH) price could be on the brink of another surge despite the recent pump to $2,800, according to several indicators analyzed on-chain. Currently, ETH trades at $2,771. If the signs recently spotted are valid, the cryptocurrency’s value could hit levels not seen since the succesful spot ETF launch on July 23. Ethereum Presents a Rare Chance as Accumulation Picks Up Yesterday, during the early Asian hours, ETH traded at $2,624. Following remarks from Fed Chair Jerome Powell signaling a reinforced commitment to inflation reduction and potential interest rate cuts, the altcoin’s value surged. The ETH price increase brings the total gains over the last seven days to 6.93%. Messari data reveals that Ethereum’s adjusted Network Value to Transactions (NVT) ratio has dropped to -53.05. The NVT ratio reflects whether a network’s market cap is growing faster than its transaction volume. High NVT readings typically suggest that an asset is overpriced, often indicating market tops and overvaluation periods that may lead to a price decline. Read more: Ethereum ETF Explained: What It Is and How It Works Ethereum Adjusted NVT. Source: Messari However, in Ethereum’s situation, the massive drop in the ratio indicates that the network is undervalued, and ETH itself is at a discount. Therefore, it is not out of place to mention that the cryptocurrency is near its bottom, and the odds of a notable price increase in the coming weeks might be high.  Besides this, Ethereum is experiencing a high level of exchange withdrawals. Based on Glassnode’s data, the exchange net transfer volume saw a notable decline of over 280,000 ETH on August 23. This volume measures the difference between coins flowing into an exchange and those taken out. A positive value indicates that more coins are being sent into exchanges — a sign of selling pressure. Ethereum Exchange Net…

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Filed under: News - @ August 24, 2024 12:13 pm