Ether, the native token of the Ethereum platform, and the second-largest digital asset by market cap, has seen a fall of its market value by 33 percent since the latest all-time-high on the 10th of November. In particular, ether’s market value took a big hit in the last 24 hours and went south by about ten percent.
At the time of writing, it looks like ETH bottomed out just above $3,100 on Friday morning UTC. The question every trader is asking is whether this is the bottom? Looking at the analysis of market sentiment, and according to ether’s average MVRV, this is the most “pain” traders have felt since July last year, from which time price jumped 118 percent from that pain point.
MVRV looks bullish
MVRV (market-value-to-realized-value) is a ratio of an asset’s market capitalization versus its realized capitalization. By comparing these two metrics, MVRV can be used to get a sense of when the price is above or below “fair value,” and to assess market profitability. Extre
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