{"id":558865,"date":"2023-11-02T23:00:38","date_gmt":"2023-11-02T23:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=558865"},"modified":"2023-11-02T18:37:24","modified_gmt":"2023-11-02T18:37:24","slug":"ethereum-shake-off-bear-hangover-glassnode","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-shake-off-bear-hangover-glassnode\/","title":{"rendered":"Ethereum Yet To Shake Off 2022 Bear Hangover: Glassnode"},"content":{"rendered":"

Data from Glassnode shows Ethereum is still experiencing negative momentum despite the year-to-date rise that the asset has observed.<\/p>\n

Ethereum MVRV Ratio Has Recently Indicated Negative Momentum<\/h2>\n

According to the latest weekly report from Glassnode<\/a>, the MVRV ratio has recently been below its 180-day moving average (MA). The “Market Value to Realized Value (MVRV) ratio<\/a>” refers to an indicator that measures the ratio between the Ethereum market cap and realized cap.<\/p>\n

The “realized cap<\/a>” here is a capitalization model for ETH that assumes the true value of any coin in circulation is the price at which it was last moved on the blockchain. This is unlike the market cap, of course, which calculates the asset’s total value using the current spot price.<\/p>\n

Since the price at which each coin was last moved on the network can be assumed to be the price it was bought, the realized cap can be looked at as a sum of the total capital that the investors have used to purchase ETH.<\/p>\n

Related Reading: Solana Whales Deposit To Exchanges, Selloff Incoming?<\/a><\/div>\n

As the MVRV ratio compares the value that the holders are carrying right now (the market cap) against the amount that they have invested into the cryptocurrency, it can provide us with information about their profit\/loss status.<\/p>\n

Now, here is a chart that shows the trend in the Ethereum MVRV ratio, as well as its 180-day MA, over the last few years:<\/p>\n

\"Ethereum<\/p>\n

The two metrics have gone through a cross in recent days | Source: Glassnode's The Week Onchain - Week 44, 2023<\/a><\/pre>\n
When the MVRV ratio is above the 1 mark, it means that the average investor is sitting on some profits right now, while it being below the level implies the dominance of loss in the market.<\/p>\n
From the graph, it’s visible that the Ethereum MVRV ratio observed some rise as the rally started at the start of this year. During this period, the indicator remained above its 180-day MA.<\/p>\n
“Periods, where the MVRV Ratio trades above this long-term mean, indicate investor profitability is increasingly meaningful, and is often a signal of a rising market,” explains Glassnode.<\/p>\n
In the last few months, though, as the Ethereum price has found some struggle, the metric has gone under its 180-day MA. The analytics firm notes, “despite the positive market performance for ETH YTD, by this metric the market is still experiencing negative momentum.”<\/p>\n
Related Reading: Analyst Reveals Why Ethereum Is Underperforming Against Bitcoin<\/a><\/div>\n
As is apparent from the chart, the Ethereum MVRV ratio has very recently just started to break above this mark, following the rally<\/a> towards the $1,800 level. It’s still very early in the breakout, though, so it’s unclear if it will actually sustain there.<\/p>\n
“It seems that the hangover from the 2022 bear is still being slowly worked through,” says the report. It’s not something new that ETH is going through a phase like this; as the graph highlights, the asset has also faced similar periods of uncertainty in the past.<\/p>\n
ETH Price<\/h2>\n
At the time of writing, Ethereum is trading around $1,800, up 1% in the past week.<\/p>\n
\"Ethereum<\/p>\n
ETH has enjoyed some bullish momentum recently | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data from Glassnode shows Ethereum is still experiencing negative momentum despite the year-to-date rise that the asset has observed. Ethereum MVRV Ratio Has Recently Indicated Negative Momentum According to the latest weekly report from Glassnode, the MVRV ratio has recently been below its 180-day moving average (MA). The “Market Value to Realized Value (MVRV) ratio” refers to an indicator that measures the ratio between the Ethereum market cap and realized cap. The “realized cap” here is a capitalization model for ETH that assumes the true value of any coin in circulation is the price at which it was last moved on the blockchain. This is unlike the market cap, of course, which calculates the asset’s total value using the current spot price. Since the price at which each coin was last moved on the network can be assumed to be the price it was bought, the realized cap can be looked at as a sum of the total capital that the investors have used to purchase ETH. Related Reading: Solana Whales Deposit To Exchanges, Selloff Incoming? As the MVRV ratio compares the value that the holders are carrying right now (the market cap) against the amount that they have invested into the cryptocurrency, it can provide us with information about their profit\/loss status. Now, here is a chart that shows the trend in the Ethereum MVRV ratio, as well as its 180-day MA, over the last few years: The two metrics have gone through a cross in recent days | Source: Glassnode’s The Week Onchain – Week 44, 2023 When the MVRV ratio is above the 1 mark, it means that the average investor is sitting on some profits right now, while it being below the level implies the dominance of loss in the market. From the graph, it’s visible that the Ethereum MVRV ratio observed some rise as the rally started at the start of this year. During this period, the indicator remained above its 180-day MA. “Periods, where the MVRV Ratio trades above this long-term mean, indicate investor profitability is increasingly meaningful, and is often a signal of a rising market,” explains Glassnode. In the last few months, though, as the Ethereum price has found some struggle, the metric has gone under its 180-day MA. The analytics firm notes, “despite the positive market performance for ETH YTD, by this metric the market is still experiencing negative momentum.” Related Reading: Analyst Reveals Why Ethereum Is Underperforming Against Bitcoin As is apparent from the chart, the Ethereum MVRV ratio has very recently just started to break above this mark, following the rally towards the $1,800 level. It’s still very early in the breakout, though, so it’s unclear if it will actually sustain there. “It seems that the hangover from the 2022 bear is still being slowly worked through,” says the report. It’s not something new that ETH is going through a phase like this; as the graph highlights, the asset has also faced similar periods of uncertainty in the past. ETH Price At the time of writing, Ethereum is trading around $1,800, up 1% in the past week. ETH has enjoyed some bullish momentum recently | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":558878,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,89780,8686,61309],"class_list":["post-558865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-bear-market","tag-ethusd","tag-glassnode"],"acf":[],"yoast_head":"\nEthereum Yet To Shake Off 2022 Bear Hangover: Glassnode<\/title>\n<meta name=\"description\" content=\"Data from Glassnode shows Ethereum is still experiencing negative momentum despite the year-to-date rise that the asset has observed.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Yet To Shake Off 2022 Bear Hangover: Glassnode","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-shake-off-bear-hangover-glassnode\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-shake-off-bear-hangover-glassnode\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-gWoL3zunCZE-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-gWoL3zunCZE-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum bear market","ethusd","glassnode"],"dateCreated":"2023-11-02T23:00:38Z","datePublished":"2023-11-02T23:00:38Z","dateModified":"2023-11-02T23:00:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Yet To Shake Off 2022 Bear Hangover: Glassnode\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-shake-off-bear-hangover-glassnode\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-shake-off-bear-hangover-glassnode\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-gWoL3zunCZE-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-gWoL3zunCZE-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum bear market\",\"ethusd\",\"glassnode\"],\"dateCreated\":\"2023-11-02T23:00:38Z\",\"datePublished\":\"2023-11-02T23:00:38Z\",\"dateModified\":\"2023-11-02T23:00:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-gWoL3zunCZE-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/558865"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=558865"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/558865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/558878"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=558865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=558865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=558865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}