Did Ethereum price hit a local market top?

Ethereum price has posted double-digit gains over the past week; proponents argue the altcoin is closer to a local top at $3,471.
Millionaire Robert Kiyosaki warns investors that the dollar will implode and recommends accumulating Ethereum and other cryptocurrencies.
Ethereum’s long-term holders scooped up 4 million ETH through the recent price drop, fueling a bullish narrative for the altcoin.

Ethereum price has posted double-digit gains over the past week as analysts evaluate whether the altcoin is on track to hit a local top. Analysts evaluate metrics like Market Value to Realized Value (MVRV), funding rates and debt to predict Ethereum’s next move.

Ethereum price could hit the local top in its uptrend

Ethereum price hit a 30-day high at $3,471. The altcoin resumed its upward climb as proponents evaluated metrics like MVRV, debt created and funding rates to evaluate whether the Ethereum price hit a local top.

MVRV calculates the average profit/loss among Ethereum holders. Analysts at the crypto intelligence platform Santiment evaluated Ethereum’s MVRV for 30 days and observed high values. Ethereum price is now in dangerous territory, and the altcoin could hit a wall in its uptrend.

MVRV Ethereum (30 days)

Based on the amount of debt created in DAI stablecoins, there is a low risk if the Ethereum price hits the local top.

Funding rate, a metric used to identify the direction of a cryptocurrency’s price trend, reveals the scope for climbing higher. Ethereum’s funding rate could hit October 2021 levels, coinciding with the end of a price rally in the altcoin.

In his tweet, Millionaire Robert Kiyosaki recently predicted that the dollar will implode and recommended investors accumulate Ethereum, Bitcoin and Solana.

Will Smith slaps Chris Rock at Oscars. Biden slaps Putin on world stage. Toxic masculinity. World in trouble. National debt to go through the roof. Biden causing inflation & blaming Putin. Dollar about to implode. Buy more gold, silver, Bitcoin, Ethereum, & Solana before WW3.
— therealkiyosaki (@theRealKiyosaki) March 29, 2022

While proponents and experts recommend Ethereum accumulation, large wallet investors and long-term holders of the altcoin have scooped up nearly 4 million ETH through the recent price drop. Accumulation by investors could fuel a shortage and bring about a supply squeeze in the altcoin.

Historically, an Ethereum supply squeeze is a precursor to a price rally in the altcoin.

Analysts have evaluated the Ethereum price trend and set a target of $4,000. FXStreet analysts believe Ethereum price could move beyond the 200-day moving average and pretest the low volume node at $3,700 to the $4,000 target.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.