Ethereum

Value

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Gary

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-observe-ethereums-market-value-trends/" data-wpel-link="internal">Analysts Observe Ethereum’s Market Value Trends</a> 
<a href="https://en.coin-turk.com/peter-brandt-draws-attention-with-his-analysis-on-ethereums-price-movements/" data-wpel-link="internal">Ethereum</a>‘s significant data used to determine if it is overvalued has risen compared to Bitcoin, but an analyst argues that the asset may not yet be in the overbought zone. Crypto analysis firm CryptoQuant CEO Ki Young Ju noted that while Ethereum’s Market Value to Realized Value (MVRV) is rapidly increasing, this is also accompanied by a rise in transaction volume and active addresses on the Ethereum network. 
<h2 class="p1" style="text-align: justify" id="notable-data-for-ethereum">Notable Data for Ethereum</h2> 
Ju explained in a June 19 X post that the ETH MVRV data is rising faster than BTC MVRV data, indicating that the Ethereum market is heating up according to on-chain fundamentals. MVRV shows whether an asset is trading above or below its fair price, which is the difference between the price users paid for the asset and the current <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market price</a>. 
According to Santiment data, in the last 30 days, Ethereum’s MVRV data increased by 29.9% to reach 91.43%, compared to Bitcoin’s MVRV data, which fell by 10.8% to reach 127.41% in the same period. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-363359 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/santiment-1.png" alt="" width="1759" height="1119"> 
A high MVRV means that Ethereum’s market value is higher than its realized value, indicating it is overvalued and a potential sell-off could occur in the <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">future</a>. However, Ju suggests that the high MVRV data is unlikely to scare investors as spot Ethereum ETF funds are expected to start trading soon. 
Ju referred to the timeline for ETF trading mentioned by SEC Chairman Gary Gensler, who said it would start this summer, and added that given the current ETF situation, this could only be the Ethereum season. Eric Balchunas suggested that this could start as early as July 2. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-ethereum-front">What’s Happening on the Ethereum Front?</h2> 
Crypto analyst Yoddha highlighted Ethereum’s current price position on the chart and noted a slight consolidation following the morning star formation, signaling an upward reversal from the bottom of the downtrend. Yoddha shared the following on June 19: 
<blockquote> 
 “Ethereum price is holding quite well and looks ready to go crazy. It will be above $10,000 before the end of the year. Mark my words.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-363358 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/eth-6.png" alt="" width="1593" height="826"> 
On June 18, after Consensys announced that the United States Securities and Exchange Commission (SEC) had concluded its investigation into whether Ethereum is classified as a security, it rose by 1.37% to surpass the critical $3,500 level. 
According to TradingView data, Ethereum’s dominance in the <a href="https://coin-turk.com/bitcoin-duser-mi-yukselir-mi-piyasa-uzmanindan-btc-icin-2-farkli-senaryo" data-wpel-link="internal">crypto market</a> has also significantly increased by 6.62% in the last seven days. Meanwhile, Bitcoin’s dominance saw a slight decline of 0.23% in the same period. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-observe-ethereums-market-value-trends/" data-wpel-link="internal">Analysts Observe Ethereum’s Market Value Trends</a></h5>

Analysts Observe Ethereum’s Market Value Trends

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