Ethereum

Resistance

<p>Ethereum has struggled to break past key resistance around $1,800 in recent days, despite climbing for over a week. This follows an ongoing period of price consolidation for ETH since 2022, with support found around $1,500.</p>
<p>While the pullback from $1,800 may seem to suggest a retracement is imminent, analysis from top crypto expert Ali Chart using the MVRV indicator hints at continued upside potential.</p>
<p>The Market Value to Realized Value ratio compares Ethereum’s current market cap to the value held by long-term holders. As Chart explains, the MVRV reaching lower levels typically precedes major bull runs for ETH.</p>
<p>Currently, the MVRV shows Ethereum is still undervalued relative to historical norms. This implies further upside could be in store once the cryptocurrency breaks past the current resistance point at $1,800.</p>
<h2 class="wp-block-heading" id="ethereum-entering-new-uptrend-according-to-mvrv">Ethereum Entering New Uptrend According to MVRV</h2>
<p><a href="https://twitter.com/ali_charts/status/1718310657886761401?t=SNOkM__-j8wymStDeEKIxg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">According</a> to prominent analyst Ali, the MVRV indicator for Ethereum suggests a new uptrend has begun. In a recent tweet, Ali points out that large volumes of ETH were acquired below the current price and are now in profit.</p>
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<p>The MVRV reaching lower levels reflects Ethereum being undervalued compared to its realized price, which typically foreshadows the start of a sustained rally. Now that the MVRV has turned upward, Ali believes a fresh bullish impulse is underway for ETH.</p>
<p>If the influential analyst’s take proves accurate, Ethereum has significant upside potential from current levels despite facing selling pressure around $1,800. The MVRV turning favorable again gives credence to the possibility that ETH breaks out toward new highs after an extended consolidation period dating back to 2022.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/this-ethereum-indicator-points-to-continued-upside-for-eth-despite-facing-resistance-at-1800/">This Ethereum Indicator Points to Continued Upside for ETH Despite Facing Resistance at $1,800</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

This Ethereum Indicator Points to Continued Upside for ETH Despite Facing Resistance at $1,800

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