Key Levels For Major ETH Rally
The $2,130 price mark, as disclosed by Crypto Tony, is seen as a pivotal point for Ethereum, as maintaining this level could signal “strength and stability,” setting the stage for further gains./ – Update The ETH range is simple. Remain above $2,130 and we are bullish .. Reclaim the range high at $2,500 and we are really bullish — Crypto Tony (@CryptoTony__)
For instance, Ali Chart, another notable crypto analyst, has identified $3,830 and $5,100 price levels as Ethereum’s following major targets based on the Market Value to Realized Value (MVRV) price bands.
For context, MVRV is a key on-chain metric or indicator that compares a cryptocurrency’s market value (market cap) to its realized value, offering an alternative approach to assess the network’s valuation by considering the price at which each unit last moved.According to the MVRV Pricing Bands, the next key price targets for are $3,830 and $5,100! — Ali (@ali_charts)According to a chart recently shared by Ali Chart on X, Ethereum is currently on an upward trajectory, with the next significant MVRV Pricing Bands at 2.4 and 3.2. These levels indicate that Ethereum may become overvalued, correlating to Ali’s price targets for Ethereum at around $3,830 and $5,100, respectively.
Ethereum Whale Movements Backs Bullish Sentiment
Adding to the bullish sentiments are recent whale movements. Spot On Chain has that an Ethereum whale, identified as ‘0x931’, made a significant purchase of 21,192 ETH, valued at approximately $48 million, at an average price of $2,265.
Moreover, last week’s on-chain data from Santiment revealed that Ethereum’s largest private wallets now hold a record 56.25 million ETH, representing 46.8% of the crypto’s total circulating supply. This concentration of ETH in large wallets could be interpreted as a sign of long-term holding strategies among major investors.
Amid these developments, Ethereum has been showing signs of recovery from its recent retracement. Despite a week of decline, the altcoin is beginning to exhibit an upward trajectory, with a near 2% increase in the past 24 hours, trading at around $2,272.
This recovery is further evidenced by a surge in trading volume, which has surged from a low of $11 billion last Monday to over $20 billion, indicating a possible increasing buying activity.
Featured image from Unsplash, Chart from TradingView