ETH Bulls Predict Rally To $9K: What Does Data Say?
Ether (ETH) has increased by 50% in two weeks, currently priced at $3,730, but remains 23% below its all-time high from November 2021. Analysts suggest potential price targets could exceed $7,000. Onchain metrics indicate ETH is undervalued, with the MVRV Z-score below peak cycle values. ETH has underperformed compared to Bitcoin, which has risen 74% over the past year. The $4,000 level is seen as a critical barrier for further gains. Over 34 million ETH is staked, reducing circulating supply and indicating strong investor confidence. Exchange balances are at their lowest since 2016, supporting upward price movements. Demand from new market participants is increasing, evidenced by a 16% rise in supply held by first-time buyers. Average transaction fees are low, reflecting improved efficiency, while Ethereum's capacity is expanding. The demand for various decentralized applications is rising, particularly in stablecoin transactions and simple ETH transfers, signaling increased trading activity.
