Ether Leeum's price is hardly over $ 1,600 this weekend, so he continues to struggle for a month in April. Despite the overwhelming performance, some investors are still watching the second largest cryptocurrency with a market cap. Therefore, the popular password trader of social media platform X assumed that it was time to buy Etherrium tokens again.
Did the ETH price reach the floor?
In the April 19 post of X, ALI Martinez, a prominent password analyst, said Ether Leeum reached an important warm chain level and could be optimistic at the price. This hotint rotates with a value (MVRV) price band realized around market value. It is based on a set of MVRV value that usually describes the extremes of the market cycle.
The MVRV (realized value -to -market value) ratio is an indicator of tracking the ratio between coin market cap and realized cap. When the value of this ratio is greater than 1, it means that more investors are now considered to be now profitable.
In general, the MVRV ratio provides insights on how to measure the values (realized CAPs) of the investor's value (market cap). On the other hand, the price -set band helps to estimate the extremes of the coin market cycle, where the high level is extremely unstable benefits and low levels of losses.
In the context, the merchant is generally more likely to offer the assets when it is green, so the high MVRV value is considered the highest price signal. Meanwhile, when the MVRV ratio is low, the market cycle has reached the floor.
Source: @ali_charts on X
The Blue Pricing Band is very low, and MVRV is less than 0.8 for about 5%of the transaction date. On the other hand, the red price is very high, and the MVRV value is more than 2.4 points for about 6% of the transaction date.
As you can see in the chart above, Ether Lee's price has fallen below the blue price band for the last few days. Historically, whenever the price of ETH falls to this very low level, Altcoin can reach the floor and be prepared for the reversal of trend.
At a glance, Etherrium price
At the time of this article, ETH's price is more than $ 1,610, up 1.4% over the last 24 hours. According to Coingecko's data, Altcoin has decreased 2% over the last seven days.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Istock's main image, TradingView chart
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