Ethereum (ETH) Price Today: Is ETH Bottom In?
The post Ethereum (ETH) Price Today: Is ETH Bottom In? appeared on BitcoinEthereumNews.com. Ethereum (ETH) price is on a bullish path today, May 1, after crossing above $1,850 for the first time in more than three weeks. The gains come amid chatter that ETH may have hit a local bottom, with key on-chain metrics supporting this hypothesis. ETH value today trades at $1,847 with a modest 2.62% gain in 24 hours. The uptrend coincides with a 60% spike in trading volumes, as the market eagerly awaits whether a breakout above the psychological level of $2,000 will happen next. ETH/USDT: 4-Hour Chart Has Ethereum (ETH) Price Bottomed as MVRV Z-Score Spark Speculation? The Ethereum MVRV Z-Score has plummeted to an extremely oversold region, a move that has historically formed a bottom for this altcoin. Looking at past trends, each time the ETH price entered this zone, it was followed by a notable surge in the price. For instance, in 2023, the MVRV Z-Score reached a local bottom as ETH plummeted to around $1,500. As soon as this metric flashed an oversold signal, a parabolic rally ensued within three months to above $3,800. In 2020, the Ethereum price surged 5x from around $200 to above $1,000 shortly after this indicator also became oversold. Ethereum MVRV Z-Score If the above trend repeats, ETH price may have just found its local bottom within the $1,700 to $1,800 range, and it is now poised to make a bullish reversal. Delta Growth Rate Signals ETH Recovery At the same time, the Delta Growth Rate, a metric used to measure the ratio of ETH’s market cap against its realized cap has also plunged to bear market territory. Just like the MVRV Z-Score ratio, whenever this metric turns negative, it suggests that the Ethereum bottom is in, and the price eyes an upward trajectory. Ethereum Delta Growth Rate Besides on-chain metrics,…
The post Ethereum (ETH) Price Today: Is ETH Bottom In? appeared on BitcoinEthereumNews.com.
Ethereum (ETH) price is on a bullish path today, May 1, after crossing above $1,850 for the first time in more than three weeks. The gains come amid chatter that ETH may have hit a local bottom, with key on-chain metrics supporting this hypothesis. ETH value today trades at $1,847 with a modest 2.62% gain in 24 hours. The uptrend coincides with a 60% spike in trading volumes, as the market eagerly awaits whether a breakout above the psychological level of $2,000 will happen next. ETH/USDT: 4-Hour Chart Has Ethereum (ETH) Price Bottomed as MVRV Z-Score Spark Speculation? The Ethereum MVRV Z-Score has plummeted to an extremely oversold region, a move that has historically formed a bottom for this altcoin. Looking at past trends, each time the ETH price entered this zone, it was followed by a notable surge in the price. For instance, in 2023, the MVRV Z-Score reached a local bottom as ETH plummeted to around $1,500. As soon as this metric flashed an oversold signal, a parabolic rally ensued within three months to above $3,800. In 2020, the Ethereum price surged 5x from around $200 to above $1,000 shortly after this indicator also became oversold. Ethereum MVRV Z-Score If the above trend repeats, ETH price may have just found its local bottom within the $1,700 to $1,800 range, and it is now poised to make a bullish reversal. Delta Growth Rate Signals ETH Recovery At the same time, the Delta Growth Rate, a metric used to measure the ratio of ETH’s market cap against its realized cap has also plunged to bear market territory. Just like the MVRV Z-Score ratio, whenever this metric turns negative, it suggests that the Ethereum bottom is in, and the price eyes an upward trajectory. Ethereum Delta Growth Rate Besides on-chain metrics,…
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