Data Shows Ethereum (ETH) Price May Have Hit the Bottom
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Ethereum (ETH) suffered a significant 23% price drop, hitting $2,120, but it has since recovered. On-chain signals, like MVRV Z-Score at 0.52, indicate that ETH is undervalued, possibly marking a market bottom. Historically, this metric has identified tops and bottoms, hinting at a 100% price surge by year-end. Another metric, STH-NUPL, is in the capitulation region, further suggesting that fear is driving the market and ETH might have bottomed out. Technical indicators like RSI also support this view, showing oversold conditions, which often precede price rallies. A retest of $2,871 and a rise to $4,094 are likely, contingent on sustained buying pressure.
Source: beincrypto.com ↗
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