Ethereum — The Never-Ending Sideways Move (And Why It Could End Soon)!
It's day 16. However, it feels like day 116.
While Bitcoin had a couple of breakout attempts and many altcoins are soaring, Ethereum is doing literally nothing.
This is even more surprising when considering Ethereum's ETF launch. Nevertheless, the ETF trading volume has constantly decreased.
As mentioned in other posts, a consolidation like this isn't unusual. On the contrary, it is healthy to build a solid bottom before moving higher. And the move higher could happen sooner than many expect.
One essential indicator to watch in this context is the "Market Value To Realized Value" (MVRV). Typically, this indicator provides valuable insights into an asset's upcoming momentum.
Regarding Ethereum, the MVRV has reached the "opportunity accumulation zone," defining ETH's current price as undervalued.
As a result, Ethereum could follow other altcoins soon and break out of its lengthy consolidation. In this case, 3k should come into play quickly. Moreover, ETF will likely further fuel the uptrend and create additional momentum.
