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.
Read CRYPTONEWSLAND onThe 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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