Ether’s MVRV Ratio Soars as Analysts Predict $10,000 by End of 2024

  • Ethereum’s realized market value is rising sharply according to crypto analytics firm CryptoQuant’s CEO, Ki Young Ju.
  • There is an increase in transaction volume and active addresses on the network.
  • “ETH MVRV, BTC MVRV’den daha hızlı yükseliyor, bu da ETH’nin zincir üstü temellerine göre ısındığını gösteriyor,” said Ju on June 19 in a post on X.

Ethereum’s on-chain metrics are rapidly heating up, pointing to a significant shift in its market dynamics.

Bitcoin vs. Ethereum: A Comparison of On-Chain Data

According to Santiment data, in the last 30 days, Ethereum’s MVRV has increased by 29.9%, reaching 91.43%, while Bitcoin’s MVRV has decreased by 10.8%, dropping to 127.41%.

A higher MVRV ratio indicates that Ether’s market value is above its realized value, suggesting it might be overvalued and could face a potential sell-off. However, when this data decreases, it indicates the market is calming and prices are approaching fair value.

Nonetheless, Ju suggests that the high MVRV ratio is unlikely to scare investors given the anticipated trading of spot Ether ETFs.

Referring to SEC Chairman Gary Gensler’s announcement that ETFs will start “this summer,” Ju added, “Given the current ETF situation, this may very well be ETH season.” Eric Balchunas suggested it could start as early as July 2.

“Ethereum Could Hit $10,000 by the End of 2024!”

Crypto analyst Yoddha highlighted ETH’s current price position on the chart and noted the presence of a “morning star technical structure,” which signals a possible trend reversal from a downtrend. This indicates a potential upward shift from the bottom of the downtrend. On June 19, Yoddha wrote, “Ethereum price is holding quite well and seems poised for an explosive performance. It will be above $10,000 by the end of the year. Mark my words.”

Conclusion

The data clearly indicates that Ethereum’s market dynamics are experiencing a significant upheaval. Investors should keep a close watch on these on-chain developments and potential ETF movements, which could herald a new season for ETH. However, as always, thorough research and caution are advised when making investment decisions.

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