Ethereum (ETH) has been showing signs of bullish momentum, with the potential to reach $4,000 for the first time since March 2024. Key metrics such as the rising 7-day MVRV and increased whale accumulation are highlighting growing positive sentiment around ETH. The 7-day MVRV has seen a sharp increase to 6.1%, indicating growing unrealized profits among short-term holders and heightened market optimism. While historically, high MVRV levels have led to corrections, there have been instances where levels extended further before a pullback, suggesting the current rally might have more room to run.
MVRV, which measures the ratio of an asset’s market value to its realized value, provides insights into holder profitability. With ETH’s 7-day MVRV still below 7%, there is potential for further price appreciation before a correction occurs, as long as sentiment remains positive. Additionally, the rise in the number of wallets holding at least 1,000 ETH suggests that whales are re-entering the market, indicating growing confidence in Ethereum price. This accumulation trend among major investors may support further price increases and pave the way for sustained upward momentum in ETH price.
Ethereum’s price prediction is looking optimistic, with indicators such as EMA lines showing an uptrend. If ETH can break through the $4,000 level, it could initiate a new surge toward its previous all-time high of $4,800. Factors such as record institutional inflows into Ethereum ETFs, substantial whale accumulation, and increasing interest in staking-enabled ETF products are supporting the potential for Ethereum to challenge its old high of $4,867 in the near term. However, if the current uptrend isn’t strong enough and ETH fails to sustain above $4,000, it could test support zones around $3,688, $3,500, and $3,255.
In conclusion, Ethereum is currently in a positive trajectory, with key metrics indicating a bullish sentiment around ETH. The potential for ETH to reach $4,000 and even surpass its previous all-time high of $4,867 is becoming more likely. The rise in the number of wallets holding at least 1,000 ETH and the increasing 7-day MVRV point towards growing confidence among investors and the possibility of sustained upward momentum. It will be interesting to see how ETH performs in the coming days and whether it can maintain its current bullish trend.
