A key metric used to determine whether Ether (ETH) is overvalued or not is warming up compared to Bitcoin (BTC), although some analysts say the asset is not yet in overbought territory. 📈

CryptoQuant CEO Ki Young Ju noted that despite the rapid growth of Ethereum's market value relative to realized value (MVRV), there has been an increase in the volume of transactions and active addresses on the Ethereum network.

“ETH MVRV is rising faster than BTC MVRV, suggesting that the ETH market is heating up in relation to its on-chain fundamentals,” Ju wrote.

A high MVRV means that the market value of Ether is higher than its realized value, which may indicate that it is overvalued and may be sold in the future.

However, Ju suggests that with ETF trading on Ether expected soon, the high MVRV is unlikely to scare off investors.

“Given the current ETF situation, this could be an ETH-only season,” Ju added.

Anonymous cryptanalyst Yoddha predicts that Ether will reach $10,000 by the end of 2024.

At the time of publication, the price of Ethereum is $3,556. Over the past 30 days, Ethereum has increased by 14.81%.

Ethereum's dominance in the cryptocurrency market is also growing significantly, increasing by 6.62% in the last seven days. At the same time, Bitcoin's dominance fell slightly by 0.23% over the same period.

At the time of publication, Ethereum's dominance is 18.8%, while Bitcoin's is 55.31%.