Ethereumeagerly awaited in Shanghai The upgrade was successfully completed on April 12. After this upgrade, there was a general expectation that there might be selling pressure on ETH and the price would be negatively affected.
But there was no fear and ETH It exceeded $2,000 for the first time since August 2022. Continuing its upward momentum, ETH has increased by 9.71% in the last 24 hours and continues to be traded at the level of $ 2,100.
ETHWith the rally hitting an 8-month high, traders are now wondering if this rise is just a temporary wave or the start of a longer rally.
Popular on-chain data provider as investors continue to be confused centiment Evaluated possible bear/bullish scenarios in ETH.
Examining the MVRV rate in this context, Santiment stated that a MVRV rate of 15% or more is a warning indicating the possibility of a correction.
Stating that this rate is 9.95% in ETH, Santiment said that the current rate is ETH He stated that it is not worrying in terms of correction.
“A 30-day MVRV of 15% or more is seen as a danger zone, indicating a possible correction mark.
However, as of now, the ETH MVRV rate is 9.95%. For now, there does not appear to be anything to worry about for ETH.”
Looking at the profit-loss transaction ratio in Ethereum, Santiment pointed out that the number of transactions in profit is 2.5 times more than the number of transactions in loss, and stated that this may be a short-term decline signal.
“Today, there are 2.59 times more trades that are in profit than there are trades that are at a loss.
This rate is the highest since January 20, when we saw a minor correction.
We interpret this rate as a short-term bearish signal. Because this high rate can pull prices down historically temporarily.”
Finally, Santiment said that there are other indicators that point to a decrease and an increase in ETH, stating that years and bulls will continue to fight in 2023. “Some uncertainty above or slightly below $2,000 could be seen for a while as the bulls and bears battle.” said.
*Not investment advice.
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