The world’s second-largest cryptocurrency, Ethereum (ETH), is showing a strong picture, posting another 5.5% gain today. Currently, ETH price has passed $2,728 with a market cap of $314 billion. While some Blockchain metrics for Ethereum continue to improve, the cryptocurrency could make a move towards the $3,000 levels.
ETH active addresses are on the rise once again, as reported by blockchain data provider Santiment. This rise means that investor activity on the platform has increased once again. The Geir rebound in price comes after last week’s panic selling. However, it is unclear how long it will last.
Daily active Ethereum (ETH) deposits on exchanges are on the decline once again. Although the figure is relatively higher compared to the last six months, the decreasing ETH supply is interpreted as a bullish indicator.
However, there is an indicator that suggests caution at this point. The 36-day MVRV rate (market cap/realized value) did not turn negative. Santiment states the following in its report on the subject:
The 36-day MVRV never went negative. So there is much more profit to be taken by long-term investors, which is a little scary. But when we look at this bull cycle, MVRV is pretty low, even the lowest since November. This may allow for greater price appreciation.
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