Based on IntoTheBlock, Ethereum has an obstacle to its all-time high as it faces a significant barrier area between $3,300 and $3,900. According to CoinMarketCap data, Ethereum is currently trading at $3120, up 2.19% in the last 24 hours.
According to IntoTheBlock data, over 5.44 million addresses have purchased nearly 21 million ETH from $3,300 to $3,900, which is an all-time high. A decisive candle bar just breaking above this resistance could take ETH to new record highs. Additionally, immediate support lies at $2,807, where 7.42 million Ethereum addresses bought nearly $24 million in ETH.
Ethereum also seems to have entered an accumulation phase as the buy signals gradually return. The Market Value to Real Value (MVRV) indicator indicates that Ethereum is currently undervalued. This basic metric calculates the average profit or loss of addresses that bought Ethereum in the last month.
The 30-day MVRV suggests that # Ethereum undervalued.
This on-chain index is currently hovering at -11.12%, indicating that $ ETH located in the “opportunity zone”. The lower the MVRV ratio, the higher the upside potential for #ETH. pic.twitter.com/XaQPHozQt1
– Ali Martinez (@ali_charts) January 19, 2022
The 30-day MVRV rate is -11.12%, indicating that Ethereum is trading in the “opportunity zone”. The lower the MVRV ratio, the more likely the price will increase.
Demand on the Ethereum network skyrockets in 2021, with $9.9 billion in transaction fees paid for the year. Ethereum shows adoption in most metrics: total value locked in DeFi, active addresses on the network, OpenSea volume, and app developer activity have all grown exponentially.
Even so, Ethereum is losing NFT market share to Solana, as U.Today reported, according to a study by analyst JPMorgan. According to the report, Ethereum’s share of the NFT market is predicted to be more important than its share in the decentralized finance (DeFi) sector as NFT is “the fastest growing universe in the cryptocurrency ecosystem.” death.”
“If its NFT stock loss starts to persist longer into 2022, that will become a bigger problem for Ethereum’s valuation,” JPMorgan said.
Follow u.today