Key Points
- Ethereum’s price rose by nearly 3% in the past week, despite high selling pressure.
- Ethereum outperformed Bitcoin in terms of MVRV ratio growth, signalling a potential bull rally.
Ethereum Outperforms Bitcoin
In the past week, the price of Ethereum (ETH) increased by nearly 3%, even with continued high selling pressure.
This performance stood out as most other cryptocurrencies were declining in value.
Data from CoinMarketCap showed that the price of ETH increased over the last seven days, with the token’s daily chart remaining green.
At the time of writing, ETH was trading at $3,575.26, with a market capitalization of over $437 billion.
Crypto analyst Ki Young Ju recently highlighted that ETH’s MVRV ratio was rising, suggesting that the market was heating up relative to its on-chain fundamentals.
ETH even managed to outperform Bitcoin (BTC) in terms of MVRV ratio growth rate.
Signs of a Bull Rally for Ethereum
Given the rising MVRV ratio, there is a high chance of ETH showcasing a bullish performance.
An analysis of CryptoQuant’s data showed that ETH’s net deposit on exchanges was high, indicating high selling pressure.
Despite this, the Korea premium looked optimistic, suggesting that Korean investors were willing to buy ETH.
Several technical indicators also looked bullish for Ethereum.
For instance, the MACD displayed the possibility of a bullish crossover, and the Relative Strength Index (RSI) registered an uptick.
The Chaikin Money Flow (CMF) also moved northward, hinting at a price increase in the coming days.
Data from Hyblock Capital suggested potential targets for this week if ETH remains bullish.
ETH might first touch $3,660, as liquidation would rise sharply at that level.
A successful breakout above that level might allow ETH to reach $3.8k.
However, if the bears takeover, then investors might witness ETH drop to $3.28k this week.
