Journalist
Posted:
- The bullish sentiment has pushed ETH above $2000.
- The coin’s MVRV ratio shows that many investors are still making profits.
After a few weeks of trading within a narrow price range, Ethereum [ETH] has regained the $2000 price level.
The rally above this key price level came amid a surge in new demand for the leading altcoin during the trading session on November 23, data from Santiment showed.
Source: Santiment
According to the data provider, the daily number of new addresses trading ETH started trending upward on November 21 and was up 17% by November 23. At the time of writing, ETH was exchanging hands at $2,068.
The bears are under attack
ETH’s rally above $2000 coincided with the return of green histogram bars on the Awesome Oscillator indicator.
AMBCrypto found that even though ETH was stuck in a tight price range, the Awesome Oscillator returned only red, upward-pointing bars. This highlighted the state of indecision and low trading activity in the market.
However, with the uptick in new demand in recent days, the green, upward-pointing bars of ETH’s Awesome Oscillator indicated that the alt’s price is likely to continue growing.
Green upward bars in the Awesome Oscillator are typically seen after a period of consolidation or a downturn. They indicate that buyers are taking control of the market and that the price increase could continue.
The MACD line of ETH’s Moving Average Convergence Divergence (MACD) indicator also confirmed the re-emergence of bullish sentiment and was about to cross above its trend line at the time of writing.
When the MACD line of an asset’s MACD indicator aims to cross the trend line, it is considered a bullish signal. This means that the momentum of the price is shifting from negative to positive and the price rally is likely to continue.
Source: ETH/USDT on TradingView
How many Worth 1,10,100 ETHs today?
ETH holders continue to make profits
Although the price consolidated within a tight range, the market value to realized value (MVRV) ratio remained positive. This meant that investors who sold did so above their cost basis and saw a profit.
At the time of writing, ETH’s MVRV ratio stood at 35.02%. This indicated that, given the current value, coin holders would see a return of at least 35% on their investments if they chose to sell now.
