• Ethereum’s demand side remains strong, signaling potential for further growth.
• ETH has dropped by 2.61% over the past 24 hours.

Since reaching $4.1k two months ago, Ethereum [ETH] has failed to maintain an upward momentum. Over this period, it has experienced extreme volatility, even dropping as low as $2.1k.

These market conditions have awakened strong sentiments among crypto analysts, with some being optimistic while others are highly pessimistic.

One of those who have shown high optimism despite the price struggle is CryptoQuant’s analyst Mac, who has pointed out that Ethereum still has room for growth.

Why Ethereum can grow more

According to the CryptoQuant analyst, despite the prevailing negative supply side factors, Ethereum’s potential for upward growth remains significantly high.

This upward potential can be seen through four major factors. First, Ethereum’s current realized price was around $2.2k at press time, which was considerably undervalued, compared to its price of $2.6k.

2.2k serves as a strong support level, as such, the circulating MVRV based on the realized price yields a value above 1. At this level, it indicates that ETH is highly undervalued.

Second, Ethereum’s number of permanent holders who have accumulated Ethereum and never sold has experienced a sustained rise.

While some whales may have closed their positions, permanent holders have absorbed this selling pressure.

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Author: Gladys Makena

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