- Ethereum’s price rebounds above $3,600 amid recent volatility.
- A record-high 118,230 wallet addresses reflect growing Ethereum adoption.
- The potential undervaluation of ETH hints at a forthcoming price rally.
Ethereum has recently staged an impressive comeback, pushing its value beyond the $3,600 mark once again. This resurgence follows a turbulent phase earlier this month when Ethereum saw a significant decline, dropping by about 25% between March 11th and 19th.
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The total number of Ethereum addresses holding coins has soared to an unprecedented high, reaching 118,230 wallets. This surge in Ethereum users may reflect a growing confidence and interest in the Ethereum network among investors and users. Analysts point out that this increase in Ethereum addresses coincides with a positive trend in the mid-term Market Value to Realized Value (MVRV) ratio, as observed by Santiment, a behavior analytics platform.
The MVRV ratio, a metric used to assess the average profit or loss of cryptocurrency holders based on the price at which tokens were last moved, has dipped into negative territory for the 30-day period. Historically, such a dip suggests a potential undervaluation of Ethereum, possibly indicating an imminent price increase.
Charts depicting Ethereum’s price trajectory alongside the total number of holders and the 30-day MVRV ratio suggest a correlation between the rising number of addresses holding Ethereum and a decline in the MVRV ratio. This correlation hints at the possibility of future price increases, assuming that historical patterns persist.
Currently, Ethereum is trading at $3,603, representing a 1.65% increase over the past 24 hours. This upward movement not only reflects numerical growth but also underscores the vitality and optimism within the Ethereum ecosystem.
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