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Recent data from Santiment indicates a significant rebound for Ethereum over the weekend, as the cryptocurrency surged past $3,600. This upward trajectory follows a brief downturn, where ETH price experienced a drop of up to 25% between March 11 and 19. Despite this setback, Ethereum's resilience is evident as it continues to showcase strong performance.
A notable development contributing to Ethereum's bullish outlook is the surge in the number of ETH addresses holding coins, reaching an all-time high of 118,230. Additionally, the midterm market value to realized value (MVRV) ratio has displayed a subtle bullish signal, further bolstering investor confidence.
For those unfamiliar, MVRV serves as a crucial metric in the cryptocurrency market, offering insights into the relationship between a crypto-asset's market value and its realized value. This ratio not only aids in identifying potential price fluctuations but also sheds light on traders' behavior, providing valuable cues for market trends.
Examining Ethereum's 30-day MVRV trend reveals a dip into negative territory, suggesting a probable price surge in the near future. While Ethereum currently trades over 30% below its all-time high of $4,868, its on-chain activity remains robust, particularly evident in the increase of active non-empty addresses. Such activity often serves as a precursor to significant price movements.
Unlike Bitcoin, which has surpassed its previous all-time high in the current cycle, Ethereum's ascent to this milestone is eagerly anticipated. With the MVRV indicator signaling a bullish trajectory and on-chain metrics pointing toward increased activity, Ethereum's prospects appear promising in the altcoin landscape.