It looks like crypto bulls are on a break today, as major cryptocurrencies like Bitcoin and other altcoins have traced back from the range where they started this week with a bullish trend.
Meanwhile, Ethereum is experiencing a similar pull struggling with the $3,400 range that has approached over the last 24hrs. Total market capitalization has hit $2.14 Trillion with a plunge of 1% in the last 24hrs.
Ethereum (ETH) Price Heading Towards $4k
Though Ethereum is struggling around the $3,400 and $3,500 range, over the past week, Ethereum price has climbed with double-digit gains. As the proponents estimate the key figures like Market Value to Realize Value (MVRV), funding rates, and debt created to see if Ethereum price has hit a local top, the currency seems to resume its bull run soon.
MVRV is the one that calculates the average profit/loss among Ethereum holders. The Crypto intelligence platform, Santiment’s analysts have noticed high values after evaluating Ethereum’s MVRV for 30 days. The below chart says that Ethereum is in a dangerous region where we might see the currency knocking a wall while climbing.
When we observe the amount of debt that is created in DAI stable coins, the chance of Ethereum price hitting the local top looks very low.
When it comes to funding rate, a metric that is used to look for the direction of any cryptocurrency’s price trend, indicates chances for the currency to an uptrend. It is expected that the Ethereum funding rate might hit that of the October 2021 level.
In yesterday’s tweet, Millionaire Robert Kiyosaki expects the dollar to collapse and hence urges investors to accumulate Ethereum, Bitcoin, and Solana.
As Ethereum accumulation is hyped by proponents and experts, long-term altcoin holders and wallet investors have raised nearly 4 million ETH during the recent price drop. As per analysts, Ethereum’s next price target is at $4,000 but only time can reveal if Ethereum will move towards resistance or support level.
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Source: https://coinpedia.org/ethereum/right-time-to-stack-ethereum/