The cryptocurrency is trading at US$2310.43. This price shows a variation of 1.03% of the value of the last 24 hours
So far, Ethereum appears to be showing signs of an imminent bull run, according to Crypto Tony, a renowned analyst in the crypto space. Crypto Tony suggests that Ethereum’s journey towards bullish momentum could begin if it successfully maintains its position above the crucial $2,130 level.
Fortunately, the asset is trading above this price level and appears to be rising even further above it, with its current trading price at $2,264.
Key Levels for a Major ETH Rally
The price of $2,130, as revealed by Crypto Tony, is considered a crucial point for Ethereum, as holding this level could indicate “strength and stability,” setting the stage for further gains. This optimism increases further if Ethereum reclaims the high of the $2,500 range, a price level that Crypto Tony revealed would reinforce the bullish sentiment in the Ethereum market.
Crypto Tony’s bullish outlook aligns with the sentiments of other analysts in the crypto community: “The ETH range is simple. Remain above $2,130 and we are bullish. Reclaim the range high at $2,500 and we are really bullish,” he posted on X.
Ali Chart, another well-known crypto analyst, has identified the $3,830 and $5,100 price levels as the next top targets for Ethereum based on the market value to realized value (MVRV) price bands.
MVRV is a key on-chain metric or indicator that compares a cryptocurrency’s market value (market capitalization) to its realized value, offering an alternative approach to evaluating network valuation by considering the price at which each moved. unit for the last time.
The MVRV ratio is a crucial indicator that can especially be used to measure the relative valuation of a crypto asset like Ethereum. When the MVRV ratio is high, it often suggests that the price of the cryptocurrency may be overvalued, and when it is low, the asset could be undervalued.
According to a chart recently shared by Ali Chart on X, Ethereum is currently on an upward trajectory, with the next major MVRV price bands at 2.4 and 3.2. These levels indicate that Ethereum may become overvalued, which correlates with Ali’s price targets for Ethereum at around $3,830 and $5,100, respectively.
Ethereum Whale Movements Support Bullish Sentiment
Adding to the bullish sentiments are recent whale movements. Spot On Chain has revealed that an Ethereum whale, identified as ‘0x931’, made a significant purchase of 21,192 ETH, valued at approximately $48 million, at an average price of $2,265.
This accumulation of ETH is a strong indicator of confidence in Ethereum’s future performance, as the whale now holds approximately 79,500 ETH as of January 2023, with an unrealized gain of $36.84 million.
Furthermore, Santiment’s on-chain data from last week revealed that Ethereum’s largest private wallets now hold a record 56.25 million ETH, representing 46.8% of the cryptocurrency’s total circulating supply.
This concentration of ETH in large portfolios could be interpreted as a sign of long-term holding strategies among mainstream investors. Amid these developments, Ethereum has shown signs of recovery since its recent pullback. Despite a week of decline, the altcoin is starting to show an upward trajectory, up close to 2% in the last 24 hours, trading at around $2,272.
Such recovery is further evidenced by an increase in trading volume, which has risen from a low of $11 billion last Monday to over $20 billion, indicating a possible increase in buying activity.
By Leonardo Perez
