- ETH’s MVRV (1d MA) hits an 11-month low of 0.645.
- Number of non-zero addresses for ETH reaches all-time high.
- ETH trades at $1,724.82, reflecting a decline of over 6%.
Glassnode Alerts, the on-chain analysis platform, has released a series of fresh metrics for Ethereum (ETH), the altcoin leader, in the wake of the recent crypto market downturn. In a Twitter post, the platform revealed that ETH’s MVRV (1d MA) has plummeted to an 11-month low of 0.645. This data provides valuable insights for investors and traders navigating the volatile crypto landscape.
On 13 July 2022, ETH hit a previous low of 0.655. The current low MVRV of ETH may indicate a bearish signal, pointing towards a significant sell pressure. It could also reflect the understandable lack of confidence among investors, given the recent turmoil in the crypto market. As professionals, it’s essential to keep a close eye on these indicators and make informed decisions accordingly.
In a distinct tweet today, Glassnode Alerts disclosed that the number of non-zero addresses for ETH has surged to a remarkable all-time high (ATH) of 100,566,301. This impressive milestone surpasses the previous ATH of 100,565,405, recorded on 9 June 2023.
The current metric for ETH aptly mirrors the perplexity that traders are experiencing in the market. Following Robinhood’s decision to delist prominent cryptocurrencies like Cardano (ADA), Polygon (MATIC), and Solana (SOL), it is only natural for investors and traders to seek out the most promising crypto asset to safeguard their investments.
As the top altcoin in the market, ETH is ideal for those seeking a secure haven to safeguard their assets amidst the current market turbulence. However, despite its robust reputation, ETH has not been immune to the recent market downturn witnessed over the last 24 hours.
According to CoinMarketCap’s latest report, Ethereum (ETH) is exchanging hands at $1,724.82, reflecting a decline of over 6%. As a result, the altcoin trades closer to its daily low of $1,721.44 than its 24-hour high of $1,854.82. Additionally, ETH has weakened by approximately 2.47% against its rival, Bitcoin (BTC), over the past 24 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
