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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Price Pulls Back To $3,500, But MVRV Signals Uptrend Continuation Likely

Opeyemi Sule
Opeyemi Sule
3 weeks ago
2 mins read
Ethereum

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A breach of the $4,000 mark for the Ethereum price has looked almost like a certainty over the past two weeks, with the altcoin hovering around $3,900 in the last few days. However, this almost-certain event took a different turn after the price of ETH suddenly succumbed to severe bearish pressure.

On Friday, August 1, the Ethereum price suffered a significant downturn, briefly falling below the $3,500 mark. While this has cast doubts on the likelihood of ETH returning above the psychological $4,000 level and perhaps reaching a new all-time high, recent on-chain indicators suggest that the “king of altcoins” might not be done just yet.

ETH MVRV Ratio In 7-Year Downtrend 

In a Friday post on the X platform, crypto analyst Burak Kesmeci said that the Ethereum price might still have something in the tank despite its struggles going into the weekend. This evaluation is based on the MVRV ratio, which measures the ratio between an asset’s market capitalization and realized capitalization.

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The Market Value to Realized Value (MVRV) ratio, as the name suggests, is typically used to evaluate whether a cryptocurrency (ETH, in this case) is overvalued or not. According to on-chain analytics firm CryptoQuant, an overvalued asset usually has an MVRV ratio greater than 3.7 while a ratio below 1 indicates undervaluation.

Kesmeci explained in his post that the ETH MVRV has been in a downtrend since 2018 and may be close to breaking it. However, as shown in the chart, Ether’s MVRV recently suffered rejection at a long-term resistance level — which explains the level of profit-taking seen in the past few days.

Ethereum
Source: @burak_kesmeci on X

Nonetheless, Kesmeci still expects Ethereum to still break this seven-year resistance level, considering the institutional interest being enjoyed by ETH at the moment. For instance, as the on-chain analyst duly noted, the US-based spot ETH ETFs have seen a record amount of capital inflows in the past few weeks.

As for the altcoin’s movement, Kesmeci expects the Ethereum price to resume its upward trend as long as the MVRV ratio stays above the 365-day simple moving average (white). If this remains the case, a return above $4,000 for the second-largest cryptocurrency might then come sooner rather than later.

Ethereum Price At A Glance

As of this writing, the price of ETH stands at around $3,523, reflecting a 5% decline in the past 24 hours.

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Ethereum
The price of ETH on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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