Good prediction for ETH: The famous analyst made the point!

Ki Young Ju, CEO of crypto analysis firm CryptoQuant, Ether (ETH) He stated that the Market Value to Realized Value Ratio (MVRV) for the market is increasing rapidly. Likewise, there is an increase in the process volume and active addresses on the network.

“ETH MVRV is rising faster than BTC MVRV, indicating that ETH is warming up relative to its on-chain fundamentals,” Ju wrote in an X post dated June 19. The MVRV ratio in question shows that an asset is trading above or below its fair price, which is the difference between the price paid by users for the asset and the current market price.

Featured on-chain data in Bitcoin (BTC) and Ethereum (ETH)

According to Santiment data, in the last 30 days BitcoinCompared to Ethereum, Ethereum’s MVRV increased by 29.9 percent, reaching 91.43 percent, while Bitcoin’s MVRV went the other way, falling by 10.8 percent to 127.41 percent in the same period.

A high MVRV ratio means that the market value of Ether is higher than its realized price. While this indicates that it is very valuable, it may indicate a potential sale in the future. When this data falls, it shows that the market has calmed down and the price is approaching its fair value.

However, Ju suggests that the high MVRV is unlikely to scare investors away, as spot Ether ETFs are expected to see trading soon.

“Given the current ETF situation, this may be the era of pure ETH,” Ju added, referring to ETFs that SEC Chairman Gary Gensler said would “launch this summer.” Eric Balchunas suggested that this could start as early as July 2.

“Ethereum will be $10,000 by the end of 2024!”

Crypto analyst Yoddha touched on ETH’s current price position on the chart and noted that there is consolidation following the “morning star technical structure” (a candle formation indicating the possible reversal of a downtrend). This signals an upside reversal from the bottom of the downtrend. “Ethereum is keeping the price pretty affordable and looks poised to perform wildly,” Yoddha wrote on June 19. “It will be over $10,000 before the end of the year. “Mark my words,” he added.