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ETH Ethereum has risen 16% in the past month, and the current technical pattern shows that historically it has been followed by strong price rebounds. Crypto analyst Ali Martinez pointed out that ETH's MVRV ratio is approaching a bullish crossing above its 160-day simple moving average.
Recovery signals
The MVRV momentum indicator measures the relationship between the holder's overall profitability and its medium-term trend line. Martinez explained that when the current MVRV ratio returned to the 160-day moving average, it indicated that the market had exited the panic selling stage and entered a new round of hoarding. It is worth noting that this is the first time this pattern has appeared since 2026. Over the past three years, the crossing of this key moving average has consistently marked the end of the distribution period and heralded a major rebound in ETH prices.
At the same time, large investors continue to add to their positions. According to Lookonchain monitoring, an anonymous whale who had been silent for three months purchased 27000 ETH units, worth approximately US$52.03 million, through Galaxy Digital's over-the-counter trading counter. In addition, BSCN reported that BitMEX co-founder Arthur Hayes purchased another 644.34 ETH units (approximately US$1.25 million), bringing his total purchases in the past eight days to 3270 ETH units. He had previously bought about $2.53 million in ETH, and several multimillion-dollar Ethereum purchases and pledges were reported earlier this week.
The forecast market is also bullish. Whale Insiders revealed that Kalshi traders predict that ETH could hit as much as $3210 this year. Another set of data showed that investors had withdrawn about 1 million ETH (worth nearly $2 billion) from centralized exchanges in the past 30 days, causing the exchange balance to fall to its lowest point in a decade. Lower exchange reserves usually reduce selling pressure and support bullish prospects.
At the institutional level, the spot Ethereum ETF continued to record net inflows this month, with cumulative inflows exceeding US$380 million during the period.
Another view
Not all analysts share the same short-term expectations. Crypto analyst Nonzee believes that the crypto asset may experience another rebound before experiencing a deeper correction. He expects ETH to test $2000, and if Bitcoin rises to $70000, it may test further to $2200. But he believes these prices will be bull traps rather than the beginning of effective breakthroughs. According to its roadmap, Ethereum could go through a distribution phase of 7 to 10 days before falling into the final bottom range of $1300 to $900-which he believes is an ideal hoarding area. Despite the short-term bearish outlook, Nonzee still maintains the ETH long-term target price of US$7000 unchanged.
