Ethereum [ETH] hits six-month high as sharks, whales play dump and catch
, and the activity of the whales over the past year and the amount dumped thus far are symptomatic of this. Even though the sharks’ stockpile was minor, it mitigated the effects of a sharp price drop.has been undervalued for a long period, as shown by its Market Value to Realized Value ratio being below the breakeven point for 365 days.
In November 2022, it reached a low of -49%. With the MVRV in the red, sellers had greater reason to cut their losses, and the price followed suit. As the price of the asset dropped during the sell-off, sellers suffered a hit, allowing new buyers to enter the market at a lower price.A review of the 30-day MVRV revealed that buyers who had entered the trade within the previous 30 days had remained profitable for the most part.
As of this writing, the MVRV ratio was close to 5%. Even if the price dropped and there was an apparent sell-off by some whale addresses, the shark addresses that added to their stack are likely to be in profit. has steadily risen over the past week. As of this writing, it gained close to 4% in a day’s trade, trading at roughly $1,740.
A closer examination of the daily timeframe chart revealed that the current price range was the highest in over six months. Also, support was forming around the $1,430 price level, with the support area depicted by the short
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