Ethereum
This is when it would be beneficial to accumulate Ethereum (ETH)
The price of Ethereum (ETH) has barely managed to recover after a devastating week, and investors appear to be keen to get back in.
However, given market conditions, it would be wise to wait for the time being until the right buying opportunities present themselves.
Ethereum Accumulation Is Not Ideal
Ethereum Price Just Came Back The stock price is above $3,000, and many consider this an accumulation opportunity. However, despite the slight price increase, the overall market signals are still bearish.
One of them is the fact that the most influential cohorts of any asset, the whales, are disappearing from the network. This is observed in the total addresses with balances above $100,000 and $1 million.
In one week, the total number of whales has decreased by 14%, from 150,000 to 130,000. This is not a hodling or selling operation, but a pure and simple exit, which is worrying.
Learn more: How to invest in Ethereum ETFs?
Ethereum whale addresses. Source: Glass node
On the other hand, the market value to realized value (MVRV) ratio presents an opportunity. The MVRV ratio assesses the investor’s profit or loss. Ethereum 30-Day MVRV ADA price is at -10.4%, which indicates losses and can potentially trigger an accumulation. Historically, ADA corrections occur in the -5% to -13% MVRV range, making it an area of opportunity.
However, even with ETH in the Opportunity ZoneAnother factor, besides the disappearance of whales, must be taken into account.
ETH Price Prediction: Securing the Support Floor
Although above $3,000, Ethereum Price Still Not Secure the 23.6% Fibonacci retracement line as support. This line is also known as the bear market support floor, and its reversal could allow for a recovery.
Investors will then be able to start accumulating, which will increase their chances of making profits again. In the meantime, it would be wise to exercise caution.
Learn more: Ethereum (ETH) Price Prediction 2024/2025/2030
Indeed, in the uncertain event that Ethereum’s price falls below $3,000 again, it could slide to $2,800. consolidation for ETH and also invalidates the bullish thesis.
Disclaimer
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