The daily Market Value to Realized Value (MVRV) ratio of Ethereum (ETH) has decisively crossed above its 160-day Simple Moving Average. Known as a Golden Cross, the move signals the end of ETH’s capitulation phase, and the beginning of a bullish reversal.
Source: X
In the past three years, a Golden Cross preceded major ETH recoveries as the accumulation regime overpowered distribution. This was seen in early 2023, late 2023-Q1 2024, Q2 2024 and Q3 2024 where the price of ETH surged by 50%, 166%, 74% and 113% respectively.
Data also reveals renewed institutional engagements, with the past week marking the third consecutive week of spot Ethereum ETFs inflows. That week brought in $103.9 million, bringing July’s total net inflows to $337.74 million.
In the same week, Bitmine, the largest public Ethereum treasury firm, purchased over 9,900 ETH. This contributed to the coin’s 27% hike in the past month.
Even more, whales have been aggressively accumulating the digital asset since June. Wallets of mid-tier whales (holding 1,000 – 10,000 ETH) increased from 4,750 in June to 4,850 by late July. Wallets of mega-whales (holding over 100,000 ETH) collectively hold 17.41 million ETH (over 22% of the total circulating supply).
Ethereum buy demand has also been outpacing that of Bitcoin in the past month as shown by the rising ETH/BTC ratio below.
Source: Trading View
Additionally, the amount of ETH staked has risen from 63 billion in July 1, to a present 77 billion, indicating positive sentiment in the network.
ETH is up 0.85% in the past 24h, wiping out over $100 million in short liquidations and bringing its current price to $1,939.
To maintain the Golden Cross, bulls need to defend the $1,850 – $1,900 demand zone. Further reclamation of prices above the 200-day MA ($2,134) is necessary to confirm a true macro trend reversal. This would also open the way to the $2,300 resistance zone.
Key events that could impact the near-term price of Ethereum include upcoming Fed rates announcement. Others are the tentative Senate floor vote on the CLARITY Act on August 3 and the Middle East conflict.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Sui price has been trading under significant selling pressure for quite some time, while bulls…
The Dogecoin (DOGE) price has been moving sideways in a relatively tight range after failing…
Uniswap price has come under renewed selling pressure after facing a sharp rejection from the…
XRP price has been facing increasing selling pressure, with market sentiment turning noticeably bearish in…
The Chainlink (LINK) price has finally broken out of the consolidation structure that had been…
Global oil giants Norway (the 12th-largest global oil producer) and the United Arab Emirates (UAE;…
