ETH Eyes $3,000 as Low Selling Signals End of Downtrend
The post ETH Eyes $3,000 as Low Selling Signals End of Downtrend appeared on BitcoinEthereumNews.com.
Ethereum is showing signs of a potential recovery as investor confidence rises, driven by a decrease in realized losses and MVRV ratio positioning which suggests that Ethereum is currently undervalued. A successful breach above the $2,681 resistance level could set the stage for a rally toward the next significant resistance at $2,930. Ethereum, the second largest cryptocurrency by market cap, is showing signs of a potential recovery that could see ETH’s price surge toward $3000. Sailing through stormy seas, Ethereum underwent a downturn that saw its price plunge to lows of $2500, leading to massive losses. Yet, a turning point is near. Investor sentiment is slowly drifting from panic selling to a cautious but optimistic outlook, further bolstering the likelihood of bullish momentum. The recent market mayhem caused Ethereum’s price to consolidate below the $2,681 mark. This period led investors to crumble and cash out, doubling down on the decline. However, over the past ten days, the bearish sentiment seems to have cooled off, and Ethereum’s price is slowly recovering. At the time of writing, ETH is swapping hands for $ 2,627.91, marking a 1.82% and 0.07% surge in the last 24 hours and past week respectively. Ethereum’s 24-hour trading volume has seen a 6.15% surge stopping at $12,771,483,503. This trend change has also been reflected in the Market Value to Realized Value (MVRV) ratio, which has entered the “opportunity accumulation zone.” The MVRV ratio, a metric that assesses whether an asset is overvalued or undervalued to its realized value, suggests that Ethereum is currently undervalued. This presents a suitable time for investors to buy. Also, if the same sentiment gains a strong foothold, ETH is poised for an upward movement. For the past two weeks, Ethereum has been trading in a rather sideways pattern. Specifically, ETH’s price has been confined within the…
Filed under: News - @ August 22, 2024 4:17 pm