{"id":636936,"date":"2024-08-22T01:00:51","date_gmt":"2024-08-22T01:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=636936"},"modified":"2024-08-21T11:34:13","modified_gmt":"2024-08-21T11:34:13","slug":"ethereum-metrics-ath-5000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-metrics-ath-5000\/","title":{"rendered":"Ethereum Metrics Turn Positive: Can This Drive A New ATH Above $5,000?"},"content":{"rendered":"

The worst looks to be over for <\/span>Ethereum (ETH)<\/span><\/a>, as certain metrics suggest that the bottom is already in for the <\/span>second-largest crypto<\/span><\/a> by market cap. Based on this, ETH looks to be headed for a <\/span>new all-time high (ATH)<\/span><\/a>, surging past its current ATH of $4,800.\u00a0<\/span><\/p>\n

Ethereum MVRV Shows Bottom Is In<\/h2>\n

Data<\/span><\/a> from the <\/span>onchain analytics platform Glassnode<\/span><\/a> shows that Ethereum\u2019s market value to realized value (MVRV) lowest pricing level is at $1,687, which suggests that the bottom is already in for the crypto token. These MVRV pricing levels highlight how low or high a token will likely reach in a <\/span>market cycle<\/span><\/a> based on unrealized loss or unrealized profits.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Maintains Market Dominance With $42 Million In Inflows<\/a><\/div>\n
\"Ethereum
Source: Glassnode<\/figcaption><\/figure>\n

As such, Ethereum is unlikely to see a drop below the $1,687 price level and instead looks headed for its market top. It is worth mentioning that Ethereum dropped to as low as $2,200 following the <\/span>market crash on August 5<\/span><\/a>. That price level is close to the $2,109 MVRV pricing band, which Glassnode highlighted, further proving that the crypto has bottomed.\u00a0<\/span><\/p>\n

Meanwhile, the shift to accumulation among Ethereum investors indicates that they are no longer looking to sell their assets but are holding in anticipation of higher prices. <\/span>Data<\/span><\/a> from Glassnode shows that the percentage of <\/span>ETH\u2019s supply<\/span><\/a> held on exchanges has drastically declined to under 10%. This is significant as it potentially reduces the selling pressure on Ethereum and primes it for a massive rally as long as investors continue to hold.\u00a0<\/span><\/p>\n

\"ETH
Source: Glassnode<\/figcaption><\/figure>\n

Data from Glassnode shows that Ethereum could rise above $5,000 and reach as high as $6,759, which is the highest <\/span>MVRV pricing level<\/span><\/a> for the crypto at the moment. That price level could mark a market top for Ethereum in this bull run, although crypto analysts like Tyler Durden have <\/span>predicted<\/span><\/a> that the crypto could still reach $10,000.\u00a0<\/span><\/p>\n

Other Metrics That Support An Imminent Price Rally For ETH<\/h2>\n

A recent <\/span>blog post<\/span><\/a> on the <\/span>onchain analytics platform Cryptoquant<\/span><\/a> highlighted two metrics that show that Ethereum is gearing up for its next leg up. One is the Taker Buy-Sell Ration, which calculates the ratio of Ethereum buyers to sellers. This metric is said to be positive again as <\/span>Ethereum bulls<\/span><\/a> are regaining strength and suppressing any <\/span>selling pressure<\/span><\/a> from the bears.\u00a0<\/span><\/p>\n

Related Reading: Cardano Kicked Out Of Top 10 Crypto By Market Cap, What\u2019s Going On?<\/a><\/div>\n
\"Ethereum
Source: CryptoQuant<\/figcaption><\/figure>\n

Ethereum\u2019s open interest (OI)<\/span><\/a> is again rising after dropping to $7 billion following the August 5 market crash. <\/span>Data<\/span><\/a> from Coinglass shows that the OI is currently at 10.81 billion, indicating that leveraged players are returning to the scene. This is significant as trading volume in the derivatives market also greatly impacts ETH\u2019s price.\u00a0<\/span><\/p>\n

\"ETH
Source: CryptoQuant<\/figcaption><\/figure>\n

At the time of writing, Ethereum is trading at around $2,590, down over 3% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Ethereum
ETH price still holding $2,500 | Source: ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The worst looks to be over for Ethereum (ETH), as certain metrics suggest that the bottom is already in for the second-largest crypto by market cap. Based on this, ETH looks to be headed for a new all-time high (ATH), surging past its current ATH of $4,800.\u00a0 Ethereum MVRV Shows Bottom Is In Data from the onchain analytics platform Glassnode shows that Ethereum\u2019s market value to realized value (MVRV) lowest pricing level is at $1,687, which suggests that the bottom is already in for the crypto token. These MVRV pricing levels highlight how low or high a token will likely reach in a market cycle based on unrealized loss or unrealized profits.\u00a0 Related Reading: Bitcoin Maintains Market Dominance With $42 Million In Inflows As such, Ethereum is unlikely to see a drop below the $1,687 price level and instead looks headed for its market top. It is worth mentioning that Ethereum dropped to as low as $2,200 following the market crash on August 5. That price level is close to the $2,109 MVRV pricing band, which Glassnode highlighted, further proving that the crypto has bottomed.\u00a0 Meanwhile, the shift to accumulation among Ethereum investors indicates that they are no longer looking to sell their assets but are holding in anticipation of higher prices. Data from Glassnode shows that the percentage of ETH\u2019s supply held on exchanges has drastically declined to under 10%. This is significant as it potentially reduces the selling pressure on Ethereum and primes it for a massive rally as long as investors continue to hold.\u00a0 Data from Glassnode shows that Ethereum could rise above $5,000 and reach as high as $6,759, which is the highest MVRV pricing level for the crypto at the moment. That price level could mark a market top for Ethereum in this bull run, although crypto analysts like Tyler Durden have predicted that the crypto could still reach $10,000.\u00a0 Other Metrics That Support An Imminent Price Rally For ETH A recent blog post on the onchain analytics platform Cryptoquant highlighted two metrics that show that Ethereum is gearing up for its next leg up. One is the Taker Buy-Sell Ration, which calculates the ratio of Ethereum buyers to sellers. This metric is said to be positive again as Ethereum bulls are regaining strength and suppressing any selling pressure from the bears.\u00a0 Related Reading: Cardano Kicked Out Of Top 10 Crypto By Market Cap, What\u2019s Going On? Ethereum\u2019s open interest (OI) is again rising after dropping to $7 billion following the August 5 market crash. Data from Coinglass shows that the OI is currently at 10.81 billion, indicating that leveraged players are returning to the scene. This is significant as trading volume in the derivatives market also greatly impacts ETH\u2019s price.\u00a0 At the time of writing, Ethereum is trading at around $2,590, down over 3% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":636965,"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":[8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-636936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Metrics Turn Positive: Can This Drive A New ATH Above 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Metrics Turn Positive: Can This Drive A New ATH Above $5,000?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-metrics-ath-5000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-metrics-ath-5000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Ethereum-price.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Ethereum-price.jpeg?fit=1792%2C1024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth news","eth price","ethereum","ethereum news","ethereum price","ethusd","ethusdt"],"dateCreated":"2024-08-22T01:00:51Z","datePublished":"2024-08-22T01:00:51Z","dateModified":"2024-08-22T01:00:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Metrics Turn Positive: Can This Drive A New ATH Above $5,000?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-metrics-ath-5000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-metrics-ath-5000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Ethereum-price.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Ethereum-price.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2024-08-22T01:00:51Z\",\"datePublished\":\"2024-08-22T01:00:51Z\",\"dateModified\":\"2024-08-22T01:00:51Z\"}<\/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\/2024\/08\/Ethereum-price.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/636936"}],"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\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=636936"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/636936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/636965"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=636936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=636936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=636936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}