Editor's PiCK
[Analysis] "Ethereum's Realized Market Cap Hits All-Time High... Suggests $4,200 Target"
Summary
- Ethereum's realized market cap has reached an all-time high, suggesting increased holder confidence and a revaluation of its value.
- The rise in the MVRV ratio indicates a potential rally for Ethereum, with a short-term target of $4,200.
- If buying pressure decreases, Ethereum's price could fall below $3,500.
Ethereum (ETH)'s realized market cap has reached an all-time high.
On the 5th (local time), BeInCrypto reported, "Ethereum's realized market cap has hit an all-time high of $243.45 billion," stating, "The rise in realized market cap suggests increased holder confidence and a revaluation of Ethereum's value." It continued, "If this trend continues, there could be a significant price increase," adding, "The MVRV ratio has also risen to 5.67, indicating a rally for Ethereum."
The media outlet noted, "The daily chart for ETH/USD is showing a similar pattern to the peak in June," and "the Relative Strength Index (RSI) is also similar." It further predicted, "Ethereum could rise to $4,200 in the short term," and "if the bullish trend continues, it could reach up to $4,500."
However, the outlet added that if the trend of increasing Ethereum's realized market cap slows and buying pressure decreases, it could fall below $3,500.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
