Ethereum MVRV Nears Seven-Year Resistance Amid Spot ETF Inflows and Rising Investor Activity
Main Idea
Ethereum's MVRV metric is approaching a critical seven-year resistance line, driven by Spot ETF inflows, institutional buying, and a surge in new wallet addresses, signaling potential market momentum for ETH.
Key Points
1. Ethereum's MVRV metric is nearing a seven-year resistance line, a trend that has held since 2018, indicating a pivotal moment for ETH's price trajectory.
2. Spot Ethereum ETF inflows and institutional buying have driven a 184% price increase in recent weeks, reinforcing ETH's upward momentum.
3. New Ethereum wallet addresses surged by 61% in four days, reflecting growing retail investor interest.
4. ETH remains above the SMA365 support line despite profit-taking near the MVRV resistance, suggesting market resilience.
5. Analysts are monitoring the potential breakout of the long-term MVRV downtrend, which could signal a shift in Ethereum's market structure.
Description
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