Cryptocurrency analysis company Crypto Quant, which recently exceeded the $ 1,700 threshold for a while Ethereum (ETH) evaluated.
CryptoQuant: “To Enter Ethereum Bull Market By MVRV Value”
According to analysts, “ETH is about to officially enter the bull market according to its Market Value/Actual Value (MVRV).
According to analysts, the realized price of ETH has returned to its level and the MVRV rate (light purple line) is on the verge of breaking above its 365-day moving average.
Analysts continued their evaluations as follows:
“Increased network activity benefits the price of Ethereum.
For example, the total number of transactions on the Ethereum network has recovered and is currently at record highs for June 2021.
Total contract calls (interactions between and within smart contracts) also rose to new heights.
However, as a final note, active addresses (user proxies) are not yet recovered.”
As it is known, with the Shanghai update, which is planned to be released in March, ETH tokens that have been staked since the beginning of Merge will be unlocked.
It is not yet known how the tokens that will be unlocked will affect the ETH price. However, not all staked coins will be unlocked at the same time and a gradual transition process will be carried out.
In addition, “Liquid Staking Derivative” tokens called LSD are also experiencing a wave of hype as the ETH staking unlocks are approaching. Altcoins like LDO and RPL have experienced several high-level rallies lately for this reason.
*Not investment advice.
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