Ethereum's price stabilized above $3,000 as bulls defended the altcoin, with its current trading price at $3,480. The MVRV ratio, an indicator of profitability, has risen to 11.89%, signaling room for growth as it hasn't reached the typical local top range of 18% to 22%.
The Mean Dollar Invested Age (MDIA) suggests reduced stagnation for coins, increasing trading activity, potentially signaling a price rally for Ethereum.
A technical pattern, the inverse head-and-shoulders, suggests ETH could rise towards $4,000 in the short term. However, if selling pressure increases, Ethereum might decline to $3,206.
