The ETH price has been consolidating lately after failing to clear above $1850 level.
With an RSI reading of 72, the ETH price is well in the overbought region.
A crucial indicator still indicates considerable volatility for Bitcoin (BTC) despite the asset’s recent upward momentum due to the widespread expectation of the approval of a spot Bitcoin ETF. Santiment, a market intelligence firm, reports that whale activity and social volume in Bitcoin have dramatically decreased over the previous week.
Despite a weeklong uptrend, the Ethereum price has been unable to push through the significant barrier at $2,000. The MVRV signal shows a fresh rise has started for Ethereum, says well-known expert Ali. The analyst recently tweeted about the magnitude of ETH purchases that were made at a discount and are now profitable.
The MVRV falling to new lows indicates that Ethereum is undervalued relative to its realized price, which is usually indicative of the beginning of a protracted rebound. Now
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