In the world of cryptocurrency, nary a day passes without some intrigue surrounding Ethereum‘s (ETH) price. Today, dear reader, we delve into the question: will its charmed life persist?
- ETH finds itself at a crossroads, with its MVRV recently dipping below its 160-day moving average
- Ethereum has crafted falling wedge patterns in 2021, 2024, and now, in 2025
Our beloved ETH is at a crossroads, with its Market Value to Realized Value (MVRV) ratio recently dipping below the 160-day moving average. Historically, this metric has served as a harbinger of price corrections, with the most memorable instance occurring on the 23rd of June, 2024.
At that juncture, ETH experienced a steep 40% decline, plummeting from $3,500 to $2,100 on the charts.
The current state of affairs suggests that ETH could face similar bearish pressure, prompting traders to remain ever-vigilant for potential volatility in the immediate future.
A Potential Haven for ETH
Ethereum’s critical support range resides between $2,230 and $2,610, where approximately 11.99 million wallets hold 62.27 million ETH. This area serves as a veritable treasure trove, potentially acting as a price floor in the event of further declines.
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2025-01-31 09:12