#Ethereum (ETH) Price Prediction: Key Metric At 4 Year Low Means Turnaround?
Ethereum () Price Prediction News: While Ethereum (ETH) price continues to hover around the $1,300 level, key in chain indicators are increasingly showing a bullish pattern in coming weeks. It is close to three months now since the Ethereum Merge has been executed in September 2022. Contrary to market expectations, the Merge upgrade did not bring any price rise in the top 2 cryptocurrency. Meanwhile, the big whales have in recent weeks started to accumulate more ETH, which could mean positive momentum ahead.
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Ethereum Exchange Supply At 4 Year Low
While the Ethereum price is at its lowest range in the last one year, the supply percentage is abysmally low currently. This could be both a good sign and bad sign for ETH in near future. If the exchange supply goes on to decline further from the current level, it could lead to further price drop for the cryptocurrency. Already, the last one year saw a price decline of around 75% for the cryptocurrency. On the flip side, the low exchange supply could potentially be a bullish signal for ETH. According to Santiment Insights,
“The more the supply of Ethereum (ETH) on exchanges declines, the better of a case that can be made that we are nearing a bottom.”
As of writing, Ethereu (ETH) price stands at $1,275, up 2.07% in the last 24 hours, according to price tracking platform CoinMarketCap.
Also, the market value to realized value (MVRV) points towards a bullish environment. The MVRV among long term addresses that held ETH for more than a year displays high unrealized losses. Looking at the trading pattern in last seven years, it is possible that there could be an upside movement in ETH price from the current level of losses. A large section of investors have incurred 50% or more in percentage losses on their ETH investments.
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