Ethereum Price Analysis: ETH Could Rally Again Unless It Breaks $195

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Ethereum’s On-Chain Data Suggests ETH Is Significantly Undervalued At Current Price Levels

zycrypto

2mon ago

Since dropping sub-$100 in the March catastrophe, ethereum bulls seem to be on a tear the past few days. The top altcoin is up more 20 percent since yesterday to trade at over $170. Yet, according to one key metric, ETH is still undervalued.

ETH bulls are finally reawakening after last month’s unprecedented slaughter. The bullish momentum intensified yesterday (April 6) as it obliterated the resistance at the $160 level.

The second-most valuable cryptocurrency in the world is also painting a mini-parabola structure on the daily chart. If this structure holds, ETH could soon surge higher. Moreover, a weekly close above $150 will justify further upside movements for the ethereum price.

$ETH $ETHUSD #Ethereum – 1D Meanwhile, Ethereum has been printing a mini-parabola#Crypto https://t.co/lltNehRlQw pic.twitter.com/WKLJtPXfHg

Ethererum has noticeably outperformed bitcoin (BTC) today after rallying 11.01% in the past 24-hour period. BTC, on the other hand, has gained a mere 3.60% over the same timeframe. The king of cryptocurrencies is now trading at $7,374.90 after briefly tapping $7,400.

Although ETH has seen an impressive rally since yesterday, the asset remains undervalued at the current prices.

Glassnode -an on-chain research and analytics firm- recently noted that ETH’s MVRV ratio is currently below 1. An MVRV ratio is calculated by dividing the market value by the realized value and is used to examine an asset’s “fair value”. This is subsequently used to determine whether or not an asset is undervalued.

As per the firm, this ratio currently stands at 0.8, suggesting that ETH is currently undervalued in spite of the recent phenomenal recovery. Ethereum’s realized price is $202 but the coin was changing hands at $164 at the time the firm made the observation. ETH is trading at around $172.21 at the time of publication, meaning it is still undervalued.

#Ethereum's MVRV Ratio, a metric used to assess if price is above or below "fair value", currently sits at 0.8 – indicating that it is currently undervalued.$ETH's realized price is currently $202 while current market value is $164.https://t.co/1Ds0PoTar9 pic.twitter.com/etfwk8t4WW

Ethereum remains bullish in the medium to long-term. The launch of the long-waited ETH 2.0 is slated for July this year which is just a little over three months away.

This upgrade includes a series of updates aimed at improving speed and scalability and also to transition the ethereum protocol to a Proof-of-Stake (PoS) model from the present Proof-of-Work (PoW). ETH 2.0 realization adds to the bullish case of the ethereum blockchain.

In the near-term, analyst Crypto Michael sees more upside potential for ETH on the USD pair as well as the BTC pair. With the USD pair, he expects the crypto-asset to surmount $195 after overcoming $159.

$ETH #ETHEREUM Crucial levels coming up here. The $BTC pair: Breaking and flipping 0.022 area would justify continuation towards 0.025. The $USDT pair: Breaking and flipping $159 would justify movements towards $195. pic.twitter.com/sUVze8YLcx

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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