As Ethereum left the market up 10% positive, on-chain analytics firm Santiment has released a series of interesting on-chain metrics that show the leading altcoin project moving in the ‘opportunity zone’. Let’s take a quick look at what Santiment has to say about Ethereum (ETH)…
MVRV indicator points to buyer pressure on Ethereum
The buy or sell zone in a cryptocurrency can be determined using the MVRV indicator. With the help of the MVRV indicator, traders can identify whether the price of an altcoin is overbought. Using the MVRV indicator in their latest Ethereum analysis, Santiment says:
Ethereum’s price is up +9.2% in just 3 hours, and the 30-day MVRV metrics were showing massive FUD among ETH traders. When this measurement drops below -10 to -15%, prices usually start to turn positive.
While every transaction or decision in the cryptocurrency market is risky, indicators like MVRV show the current degree of true trend. When Ethereum whales sell their ETH more aggressively, the MVRV rate tends to drop faster, determining if there is room for recovery. So, is Ethereum now in the zone of opportunity? Let’s end with the answer to this question.
Is the leading altcoin in the opportunity zone?
According to the MVRV indicator, which is currently moving at -10% in Ethereum, the leading altcoin is oversold by major investors and is moving into the “opportunity zone”, positioning at a local bottom according to the market history. cryptocoin.com According to Arman Shirinyan, whose analysis we have shared with you, while this ratio can give traders a clue to a short-term trend reversal, the indicator is not designed to analyze the long-term state of the market. The MVRV indicator had reached the lowest levels of the last 4 months before the 10% increase. The last period when the MVRV rate was close to -10% was at the beginning of December.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.