- Ethereum was undervalued at press time.
- Market indicators looked bearish on the altcoin.
As Ethereum’s [ETH] price crossed the $4,000 mark, most investors expected the next target to be $5k.
Furthering this notion was Ethereum’s price action, which rose by more than 8% in the last seven days, according to CoinMarketCap.
STHs are reaching new highs
At the time of writing, ETH was trading just below the $4k mark at $3,987.46 with a market capitalization of over $4789 billion.
At the same time, IntoTheBlock posted an analysis on TradingView, revealing that the number of ETH short-term holders was increasing.
Historically, this number increases during bull markets, once new users join the network and become active, and decreases in bear markets, as only long-term holders remain.
The number of Ethereum traders has recently increased dramatically, approaching the top of the last bull cycle (light-red arrow).
The last time the metric reached that level, it was followed by a further price rally, allowing ETH to reach an all-time high. If history repeats itself, then this just might be the beginning of ETH’s bull rally.
What can we expect from Ethereum?
Since the aforementioned analysis looked bullish, AMBCrypto took a look at ETH’s metrics to understand whether the uptrend would last.
Our analysis of Glassnode’s data revealed that Ethereum’s Network Value to Transactions
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Author: Dipayan Mitra
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