[Ethereum receives hidden bullish signal at new historical high]
Latest data from Santiment shows that Ethereum rebounded significantly over the weekend, with the price briefly topping $3,600. This uptrend follows a 25% price drop between March 11 and 19, demonstrating Ethereum’s resilience and strong performance.
A surge in the number of Ethereum addresses to an all-time high of 118,230, as well as a bullish signal from the medium-term market cap to realized value (MVRV) ratio, further strengthened investor confidence in Ethereum. The MVRV ratio is an important indicator for evaluating the relationship between the market capitalization and realized value of crypto assets, revealing potential price fluctuations and market trends.
Analysis of Ethereum’s 30-day MVRV trend suggests a price rise may be imminent, with Ethereum’s on-chain activity remaining brisk despite currently trading more than 30% below its all-time high of $4,868. This kind of activity often signals large price movements.
Compared with Bitcoin, which has surpassed its all-time high price, market expectations for Ethereum to reach this milestone are still high. The bullish trend in the MVRV indicator and the increase in on-chain activity make Ethereum’s future promising in the cryptocurrency market.
