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Ethereum (ETH) Price Prediction: Key Metric at 4 Year Low Means Turnaround

Ethereum (ETH), Price Prediction News: Although Ethereum (ETH), price is still hovering around $1,300, key chain indicators are showing a bullish trend in the coming weeks. Since September 2022’s execution of the Ethereum Merge, it has been almost three months. Contrary to market expectations the Merge upgrade didn’t bring any price increase in the top two cryptocurrency. The big whales have been accumulating more ETH in recent weeks, which could indicate positive momentum.
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The Ethereum price is currently at its lowest level in one year, but the exchange supply ratio is extremely low. This could be both a positive and negative sign for ETH in the near future. The cryptocurrency could see a further drop in supply if it falls further than the current level. The cryptocurrency’s price has fallen by around 75% in the past year. The low supply of ETH could be a positive sign for ETH. According to Santiment Insights
“The supply of Ethereum (ETH), on exchanges, decreases more quickly, the better the case that we are at the bottom.”
According to CoinMarketCap, the Ethereu (ETH price) is at $1,275 as of writing. This price increase of 2.07% has occurred in the last 24 hour according to price tracking platform CoinMarketCap.
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The MVRV (market value to realized value) also points to a bullish environment. High unrealized losses are evident in the MVRV of long-term addresses that have held ETH for over a year. The trading patterns over the last seven years show that there has been a possible upside to the current loss level. A large portion of investors have suffered losses up to 50% on their ETH investments.
Also read: Will Nasdaq’s Next Move Affect Bitcoin’s (BTC), Price In The Short Term

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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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