{"id":420219,"date":"2020-04-07T21:00:09","date_gmt":"2020-04-07T21:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=420219"},"modified":"2020-04-07T18:09:44","modified_gmt":"2020-04-07T18:09:44","slug":"this-indicator-suggests-ethereum-may-soon-fly","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/this-indicator-suggests-ethereum-may-soon-fly\/","title":{"rendered":"This Indicator Suggests Ethereum May Soon See a Chilling Rally to $200"},"content":{"rendered":"

The recent market-wide uptrend that was sparked when Bitcoin broke above $7,000 yesterday has proven to be particularly beneficial for Ethereum, which has posted some massive gains as it continues outperforming BTC and most other major altcoins.<\/p>\n

In the near-term, it does appear that this momentum will extend significantly further, as one fundamental indicator shows that ETH is undervalued at its current price and that it will soon rally higher.<\/p>\n

This comes as the crypto approaches a critical technical level that bulls need to surmount, with a clean break above this level potentially fueling massive upside.<\/p>\n

Ethereum Continues Rallying as Bulls Push It Towards $200<\/strong><\/h2>\n

Currently, Ethereum<\/a> is trading up over 7% at its current price<\/a> of $171, which marks a notable climb from multi-day lows of $140 that were set this past weekend.<\/p>\n

Today\u2019s upswing marks an extension of that which was first incurred on Sunday evening, which is around the time when the crypto began pushing higher in tandem with Bitcoin.<\/p>\n

ETH\u2019s buyers, however, have proven to be more zealous than BTC\u2019s, as the crypto has been consistently outperforming the benchmark cryptocurrency and is currently trading up just under 5% against BTC.<\/p>\n

Analysts are now noting that the crypto is fast approaching its 200-day moving average, which is a critical level that could determine whether or not this ongoing upswing turns into a full-blown bull rally.<\/p>\n

\u201cEthereum daily – First of the majors to retest MA 200 on this broader move,\u201d one popular analyst noted in a recent tweet<\/a>.<\/p><\/blockquote>\n

\"Bitcoin
Image Courtesy of Big Cheds<\/figcaption><\/figure>\n

This technical level, which currently sits around the lower-$170 level, could catalyze some significant momentum \u2013 should it be decisively broken above.<\/p>\n

Fundamental Data Shows ETH is Currently Undervalued<\/strong><\/h2>\n

Glassnode \u2013 an on-chain research and analytics group \u2013 explained in a recent tweet that Ethereum\u2019s MVRV ratio<\/a> shows that its current value should be roughly $202, while its market value is significantly below this.<\/p>\n

\u201cEthereum’s MVRV Ratio, a metric used to assess if price is above or below \u2018fair value\u2019, currently sits at 0.8 – indicating that it is currently undervalued. ETH’s realized price is currently $202 while current market value is $164.\u201d<\/p><\/blockquote>\n

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#Ethereum<\/a>'s MVRV Ratio, a metric used to assess if price is above or below "fair value", currently sits at 0.8 – indicating that it is currently undervalued.$ETH<\/a>'s realized price is currently $202 while current market value is $164.https:\/\/t.co\/1Ds0PoTar9<\/a> pic.twitter.com\/etfwk8t4WW<\/a><\/p>\n

— glassnode (@glassnode) April 6, 2020<\/a><\/p><\/blockquote>\n