NEWSLETTER
This article is also available in Spanish.
ethereum's price action in the midst of crypto Market's bassist feeling broader in recent weeks has not been different from the performance recorded in recent months. During this period, the price of ethereum has struggled to win a significant ascending impulse, remaining in a prolonged consolidation phase.
In the midst of this, a recent <a target="_blank" href="https://cryptoquant.com/insights/quicktake/67ac23ae68e13c6010cc0dac-eth-Why-It-Has-High-Potential-for-Growth-Despite-Increasing-Total-Supply-and-Dec” target=”_blank” rel=”nofollow”>analysis By the cryptocant taxpayer Mac_D has shed light on the current state of ethereum and the factors that can influence his future price trajectory. The analysis indicates that the “ultrasound money” narrative of ethereum, an idea linked to its deflationary tokenomics after the merger, has faced challenges.
The total supply has reached the maximum record, and the betting ratio has decreased by 1% since November. However, despite these obstacles on the supply side, several demand side factors suggest that ethereum could be positioned for long -term growth.
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Undervaluation, behavior of the holder and institutional interest
Another key idea of the analysis is that ethereum seems undervalued according to its price. The price made reflects the average cost of acquisition of eth Holdings in all wallets, currently at approximately $ 2,200.
With the current market price around $ 2,600, the analyst calculates a value market value (MVRV) slightly above 1, indicating that eth remains undervalued in relation to historical standards. This level could act as a strong support base, potentially limiting below.
Another factor that supports ethereum's potential is the behavior of long -term holders. The analysis highlights a growing number of addresses that accumulate ethhereum without selling, similar to the “permanent headlines” of bitcoin.
Although some larger investors have sold during recent recessions, their positions have been absorbed by these long -term holders, helping to stabilize the market. This trend suggests that the ethereum investors base is maturing, with an increasing segment committed to keeping the asset through market volatility.
ethereum: An important rebound on the horizon?
In addition, the analyst points out that the sale pressure in the futures market has decreased. The data show a remarkable reduction in the volume of market prices negotiation on the sale side from the price of ethereum about $ 4,000 in November last year.
This decrease in sales activity, even when prices fell, indicates a relative influx of purchasing power, which could prepare the scenario for recovery if market conditions improve.
Institutional participation is another encouraging factor. According to reports, the main players, including Blackrock, Cumberland and other prominent companies, have accumulated substantial amounts of eth during the recent recession.
For example, it is said that Blackrock bought more than 100,000 eth, valued at more than $ 270 million. Such significant institutional entries not only increase demand, but also provide credibility to ethereum's long -term investment thesis.
Despite these positive indicators, the analysis recognizes persistent challenges. The increase in total supply and light sauce in the rethinking relationship could weigh on the feeling, particularly if macroeconomic conditions remain uncertain.
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In addition, the ethereum price movement can remain limited in the short term, since the broader market digests the ongoing economic changes. However, the combination of undervaluation, a strong participation of the long -term holder, a reduced sales pressure and institutional accumulation paints a more optimistic medium and long term perspective.
While ethereum can continue to operate from the short term, the factors described in the analysis suggest that it could be well positioned for growth once the broader market conditions stabilize.
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