BULLISH 📈 : Ethereum remains undervalued despite recent price surge, Santiment reports

On-chain analytics firm Santiment reports that Ethereum remains undervalued as per its Market Value to Realized Value (MVRV) ratio, while Bitcoin and XRP have turned neutral.

Key Insights

The MVRV Ratio indicates the profit-loss status of blockchain addresses. Above 1 implies unrealized profit, below suggests losses.
Santiment's analysis shows a rise in the 30-day MVRV Ratio for major cryptocurrencies following a recent market recovery.
Bitcoin, XRP, and Chainlink are in a neutral zone with MVRVs at -1.4%, -0.1%, and +3.3% respectively.
Ethereum is in a "mildly undervalued" state with an MVRV of -5.5%, despite a 6% price surge in the last 24 hours.
Cardano has reached a "mildly overvalued" zone with an MVRV of +6.8%.
High MVRV values can indicate potential corrections, while low values suggest possible bottom formations.

Ethereum Price Movement

Ethereum briefly exceeded $2,100 but retracted slightly to $2,070.

Ethereum Price Chart