Cryptocurrency market, leading cryptocurrency Bitcoin (BTC) It experienced a slight correction after hitting $69,000. In general, it is seen that the crypto money market has lost between 10% and 15%.
Although Bitcoin is still trying to hold on to the critical $ 60,000 region, altcoins have been shaken much harder and Ethereum was one of them.
Ethereum in Opportunity Zone
While some crypto analysts think that the current decline will continue, a few famous analysts think that this is an opportunity zone. MVRV, one of the most critical indicators, is usually obtained by dividing the total market value by the “true value”.
This indicates whether an asset is in the overbought or oversold zone.
According to the information conveyed by this indicator, for the first time in two months, Ethereum has officially entered the “discount” zone, that is, the opportunity zone. This means that Ethereum purchases are now much less risky than in previous periods.
According to the information conveyed by Santiment, the 15% price drop has reduced the risk of Ethereum and ETH is now one notch below the required price. Emphasizing that the increasing address interaction and falling transaction fees in the Ethereum network are positive signs, Santiment experts pointed to a possible rise.
📉🤑 #Ethereum had a roughly -15% price drop since topping out at its $4,878 #AllTimeHigh last week. Our latest insight reveals where $ETH‘s market health stands, what its rising address activity and lowering fees mean, and more. 🧐 https://t.co/25m37cYjA4 pic.twitter.com/I725S1KRYZ
— Santiment (@santimentfeed) November 18, 2021
Ethereum price is currently trading at $ 4,243 and has gained 2% in 24 hours. The critical resistance for ETH will be $4,300.