Critical Emphasis For Ethereum, the Leader of Altcoins! This Value is at the Lowest in 4 Years!
No one in Ethereum, which has charted a new path for itself with the Merge event, thought that prices would reach these levels. While all this was happening, the price decline stopped at some point and became more stable. After all this, the Ethereum (ETH) price continues to hover at the level of $ 1,270, while on-chain indicators are showing an increasingly bullish trend in the coming weeks.
Ethereum Stock Market Supply Is At a 4-Year Low
Close to three months have passed since the Ethereum Merger was carried out in September 2022. Contrary to market expectations, the merge upgrade did not bring any price increases for Ethereum. Meanwhile, large whales have begun to accumulate more ETH in recent weeks, which may Decipher a positive momentum ahead.
While the Ethereum price is hovering at the lowest December in the last one year, the percentage of stock market supply is currently extremely low. This situation can be both a good and a bad sign for ETH in the near future. If the stock market supply continues to fall further from the current level, it could lead to further price declines for the cryptocurrency.
Already, it has experienced a price drop of about 75% for the cryptocurrency in the last year. On the other hand, low stock market supply could potentially be a bullish signal for ETH.
Santiment shared this to Insights:
The more the supply of Ethereum (ETH) on the exchanges decreases, the better it can be understood that we are approaching a bottom.
What is the Latest Situation in Ethereum Price?
According to the price tracking platform CoinMarketCap, Ethereum (ETH) price has experienced an increase of 2.07% in the last 24 hours and is at the level of 1,270 dollars. In addition, the ratio of market value to realized value (MVRV) may indicate a bullish environment.
MVRV among the long-term addresses that have held ETH for more than a year show high unrealized losses. Dec. Looking at the trading pattern that has taken place over the past seven years, it is possible that there will be an upward movement in the ETH price from the current loss level. Most of the investors had lost 50% or more in their ETH investments.
Disclaimer: The information contained in this article does not contain investment advice at all. Investors should know that crypto currencies carry risks due to their high volatility and should carry out their transactions in accordance with their own research.