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- Ethereum shows signs of breaking out from its falling wedge pattern, sparking discussions of a potential bull rally.
- Metrics indicate that Ethereum may currently be undervalued.
- Market indicators present ambiguous signals regarding an upcoming bull rally.
Ethereum’s potential breakout from its falling wedge pattern and the ambiguous market signals have sparked discussions about a possible bull rally. The article delves into the metrics suggesting Ethereum’s undervaluation and the market indicators.
Ethereum’s Price Momentum
On May 6th, Ethereum [ETH] regained its momentum as its price crossed the $3.1k mark. As the token crossed this psychological resistance, it also consolidated inside a bull pattern. A breakout above this pattern could potentially lead ETH to new highs in the coming weeks.
Ethereum Price Prediction
The previous week was not favorable for investors as the price of Ethereum, the king of altcoins, dropped to $2.8k. However, the token gained bullish momentum on May 1st as its price began to steadily increase. According to CoinMarketCap, ETH’s price increased by over 1.55% in the last 24 hours. At the time of writing, it was trading at $3,144.11 with a market capitalization of over $377 billion.
Is Ethereum Ready for a Rally?
AMBCrypto analyzed Ethereum’s on-chain metrics to determine if they supported the possibility of a breakout. Notably, ETH’s Network To Value (NVT) ratio registered a downtick after a sharp increase, indicating that the asset is undervalued. Other bullish metrics, such as ETH’s MVRV ratio and Network Growth, also improved over the last week. However, a recent tweet by Lookonchain pointed towards a possible sell-off, as a whale sold 7k ETH, worth over $22 million at the time of writing.
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Conclusion
While the metrics suggest that Ethereum is undervalued and the market indicators present ambiguous signals, the potential for a bull rally remains uncertain. Investors and market watchers will need to keep a close eye on Ethereum’s performance in the coming weeks to determine if a breakout from the falling wedge pattern is indeed on the horizon.
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