A breach of the $4,000 mark for the Ethereum price has looked almost like a certainty over the past two weeks, with the altcoin hovering around $3,900 in the last few days. However, this almost-certain event took a different turn after the price of ETH suddenly succumbed to severe bearish pressure.
On Friday, August 1, the Ethereum price suffered a significant downturn, briefly falling below the $3,500 mark. While this has cast doubts on the likelihood of ETH returning above the psychological $4,000 level and perhaps reaching a new all-time high, recent on-chain indicators suggest that the “king of altcoins” might not be done just yet.
ETH MVRV Ratio In 7-Year Downtrend
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In a Friday post on the X platform, crypto analyst Burak Kesmeci said that
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