Onchain data for Ethereum (ETH), which is gaining strength against Bitcoin, shows that the rise will continue.
Development under discussion ETH This came after its price exceeded $3,800. Based on historical data, an increase in real market value usually indicates a bull market. because, EthereumInvestors expecting a drop in price movement may be disappointed.
Upside potential for ETH continues.
Ethereum’s Realized Market signals bullishness as an important onchain data. The indicator in question takes into account the price at which each coin was last moved and helps identify the top or bottom of the market. An increase in the realized market means that coins are trading at lower prices. A decrease in the realized market indicates spending at higher prices, indicating the possibility of a decrease.
Therefore, real market growth in ETH indicates growing confidence among investors. If this trend continues, the upward movement in ETH may accelerate. The resistance level will be $4000 in the short term.
In addition, Ethereum’s market capitalization and realized value (MVRV) show a trend consistent with this view. When this indicator is negative, short-term traders have the upper hand and in most cases it is a bearish signal for the price. However, according to Santiment, Ethereum’s MVRV has moved into positive territory with an increase of 5.67 percent, indicating that the trend is bullish and that ETH is currently undervalued.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
