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- Ethereum stands resilient, with its DeFi throne unshaken and its foundation fortified by whales
- Is ETH quietly undervalued?
Ethereum remains structurally resilient. Whale accumulation has been rising fast, showing strong conviction from high-net-worth entities.
In fact, just recently, an address acquired 12,010 ETH at an average entry of $1,531. That’s approximately $18.39 million in fresh capital inflows.
Simultaneously, Ethereum continues to anchor the DeFi stack, commanding the lion’s share of Total Value Locked (TVL) across protocols. At press time, the TVL for the Ethereum L1 ecosystem hovered near $190 billion.
And yet, despite these bullish on-chain underpinnings, ETH seemed to be locked in a narrow consolidation range, with the Relative Strength Index (RSI) holding near oversold levels.
Does the growing divergence between network strength and stagnant price action suggest that Ethereum may be fundamentally undervalued? Here’s what AMBCrypto found…
Bearish market call may be premature
For Ethereum, the recent test of the $1.4k support, a level not seen in two years, represented a major capitulation event. This signaled a breakdown in market confidence.
Since 8 April, ETH has remained range-bound between $1,450 and $1,647 – Indicative of sustained consolidation and a lack of decisive price action.
After a near 50% drawdown to close Q1, Q2 is yet to exhibit any notable recovery, reinforcing a bearish market structure.
Source: TradingView (ETH/USDT)
Combined, these factors lend credibility to a psychologically bearish outlook.
In other words, the prevailing high-risk sentiment around Ethereum may be justified, with bearish momentum continuing to dominate the price action.
That being said, recent on-chain developments may signal the onset of early-stage reaccumulation. A 7% uptick in new address growth underlined renewed network activity, hinting at fresh capital inflows.
Simultaneously, whale addresses have maintained their buying pressure on dips, reinforcing the notion that Ethereum may be undergoing a bullish divergence. Despite prevailing market sentiment.
Thus, labeling Ethereum’s outlook as unequivocally bearish might appear somewhat premature.
Market underpricing Ethereum
Finally, Ethereum’s MVRV (Market Value to Realized Value) ratio Z-Score has dipped into the green band since late March.
The last time this happened was during the late 2022 to early 2023 cycle – A period that marked the bottom of the bear market before the price began to recover.
Source: Glassnode
Typically, when the MVRV Z-Score enters the green zone, it means that the market is pricing Ethereum below its typical value. This may signal that the asset is being undervalued.
Hence, pointing to a potential buying opportunity for those looking to capitalize on undervaluation.
Supporting this interpretation, Ethereum has demonstrated solid network fundamentals, including strong TVL retention and a notable hike in whale accumulation.
Therefore, it marks a key inflection point where market participants may start re-evaluating their portfolios, potentially reallocating towards Ethereum.
Hence, a bullish reversal might kick off sooner than expected.
- Ethereum stands resilient, with its DeFi throne unshaken and its foundation fortified by whales
- Is ETH quietly undervalued?
Ethereum remains structurally resilient. Whale accumulation has been rising fast, showing strong conviction from high-net-worth entities.
In fact, just recently, an address acquired 12,010 ETH at an average entry of $1,531. That’s approximately $18.39 million in fresh capital inflows.
Simultaneously, Ethereum continues to anchor the DeFi stack, commanding the lion’s share of Total Value Locked (TVL) across protocols. At press time, the TVL for the Ethereum L1 ecosystem hovered near $190 billion.
And yet, despite these bullish on-chain underpinnings, ETH seemed to be locked in a narrow consolidation range, with the Relative Strength Index (RSI) holding near oversold levels.
Does the growing divergence between network strength and stagnant price action suggest that Ethereum may be fundamentally undervalued? Here’s what AMBCrypto found…
Bearish market call may be premature
For Ethereum, the recent test of the $1.4k support, a level not seen in two years, represented a major capitulation event. This signaled a breakdown in market confidence.
Since 8 April, ETH has remained range-bound between $1,450 and $1,647 – Indicative of sustained consolidation and a lack of decisive price action.
After a near 50% drawdown to close Q1, Q2 is yet to exhibit any notable recovery, reinforcing a bearish market structure.
Source: TradingView (ETH/USDT)
Combined, these factors lend credibility to a psychologically bearish outlook.
In other words, the prevailing high-risk sentiment around Ethereum may be justified, with bearish momentum continuing to dominate the price action.
That being said, recent on-chain developments may signal the onset of early-stage reaccumulation. A 7% uptick in new address growth underlined renewed network activity, hinting at fresh capital inflows.
Simultaneously, whale addresses have maintained their buying pressure on dips, reinforcing the notion that Ethereum may be undergoing a bullish divergence. Despite prevailing market sentiment.
Thus, labeling Ethereum’s outlook as unequivocally bearish might appear somewhat premature.
Market underpricing Ethereum
Finally, Ethereum’s MVRV (Market Value to Realized Value) ratio Z-Score has dipped into the green band since late March.
The last time this happened was during the late 2022 to early 2023 cycle – A period that marked the bottom of the bear market before the price began to recover.
Source: Glassnode
Typically, when the MVRV Z-Score enters the green zone, it means that the market is pricing Ethereum below its typical value. This may signal that the asset is being undervalued.
Hence, pointing to a potential buying opportunity for those looking to capitalize on undervaluation.
Supporting this interpretation, Ethereum has demonstrated solid network fundamentals, including strong TVL retention and a notable hike in whale accumulation.
Therefore, it marks a key inflection point where market participants may start re-evaluating their portfolios, potentially reallocating towards Ethereum.
Hence, a bullish reversal might kick off sooner than expected.
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More posts like this would force the blogosphere more useful.
Thanks on putting this up. It’s well done.
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