Ethereum

Shiba Inu

On June 19, 2024, the world’s second-biggest cryptocurrency, Ethereum, experienced an impressive price surge after the US SEC closed its investigation into <a href="https://news.todayq.com/sec-backs-down-from-ether-probe-will-eth-price-move-now/" rel="noopener noreferrer nofollow">Ethereum 2.0</a>. Following this, CryptoQuant CEO Ki Young Ju made a post on X, citing that Ethereum’s (ETH) MVRV is rising faster than Bitcoin’s (BTC) MVRV, suggesting the ETH market is heating up relative to its on-chain fundamentals.
We're entering early alt season. CryptoQuant CEO words on Ethereum 
This post by CEO Ki Young highlights his strong confidence in Ethereum compared to Bitcoin. It comes after a notable increase in transaction volume and active addresses on the Ethereum network. Although ETH nearly hit the $4,000 mark, it is now looking at a discounted price following the CEO’s post.
Technical analysis indicates that MVRV (Market Value to Realized Value) shows whether an asset is trading above or below its fair price by comparing the price users paid for the asset to its current market price. According to data from Santiment, in the last 30 days, Ethereum’s MVRV value jumped by 29.9%, reaching 91.43%, whereas Bitcoin’s MVRV fell by 10.8%, reaching 127.42% during the same period. What is MVRV in cryptocurrency? 
However, a high MVRV means the market is overvalued and may experience a potential sell-off in the coming days. Conversely, when MVRV declines, it indicates the market is cooling off and undervalued, with a high chance of a price surge soon.
In this case,Ethereum’s MVRV is continuously surging, which might create fear among investors. But the CEO adds one more factor that can impact the overall cryptocurrency market: the spot Ethereum ETF (Exchange Traded Fund). He stated, “Given the current ETF situation, this might be an ETH-only season.” 
SEC Chair Gary Gensler reportedly said that the process will start “over the course of this summer,” while ETF expert Eric Balchunas added in his post that it could begin before July 2, 2024.
This optimism around Ethereum may help altcoins, especially Ether-based ones, including Shiba Inu (SHIB), Pepe (PEPE), Aave (AAVE), Ondo (ONDO), and many more. Yesterday, we already experienced a rise in the prices of <a href="https://news.todayq.com/ether-based-tokens-rallying-up-heres-why/" rel="noopener noreferrer nofollow">ETH-based tokens</a>.
After gaining an impressive price surge on June 19, today ETH is trading near $3,580 and remains quite stable. Over a longer period, in the last 30 days, ETH has experienced only a 2.2% upside move. It appears to be consolidating in this range, as it has also seen a 2.2% downside move during the same period.

Ethereum gearing to beat Bitcoin, shows onchain data

Todayq News

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