Ethereum Sets Sights on $2,800 Recovery After Momentum Builds Post-Dip
In Brief
- Ethereum (ETH) neared $3,000 but dropped below $2,600; on-chain metrics now hint at a possible trend reversal.
- Key indicators, like the Taker Buy/Sell and MVRV ratios, suggest ETH may recover, targeting the $2,800 zone.
- ETH may hit $3,262 in a bullish scenario; however, a drop below $2,345 support could send it as low as $2,115.
Some days ago, Ethereum (ETH) showed readiness to climb toward $3,000. But as last month neared its end, the momentum changed, leading the second most valuable cryptocurrency to drop below $2,600.
Will ETH’s price recover? This is one thing that investors will want to know. In this on-chain analysis, explains why the altcoin might soon reverse the trend.
Ethereum Bearish Outlook Eases
According to CryptoQuant, Ethereum’s price decrease caused a decline in the Taker Buy/Sell Ratio. This ratio is calculated as the buy volume divided by the sell volume in perpetual swap trades.
When the value is above 1, it means the trend is bullish. However, a value below 1 means that the trend is bearish. On October 31, Ethereum’s Taker Buy/Sell Ratio was 0.84, meaning that the sentiment was bearish at that time.
But as of this writing, the reading has increased and is on the verge of hitting a rating of 1. Should the indicator’s rating continue to climb, then ETH’s price might also follow in the same direction, suggesting that it could get close to $2,800 as it was some days back.
Another metric supporting the bias is the 30-day Market Value to Realized Value (MVRV) ratio. The MVRV ratio compares a crypto asset’s current market value to its realized value, offering insights into market tops and bottoms.
When the MVRV ratio is high, it often signals that the asset might be overvalued, suggesting a market top. Conversely, a low MVRV ratio can indicate undervaluation, pointing toward a potential bottom.
Get to know Godleak
Godleak crypto signal is a service which provide profitable crypto and forex signals for trading. Godleak tried to provide you signals of best crypto vip channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
 
As of now, Ethereum’s MVRV ratio has turned positive, a shift last seen in mid-October, which coincided with ETH’s price surge above $2,700. This historical pattern suggests that if the MVRV ratio continues to rise, we could see a similar upward movement in Ethereum’s price.
ETH Price Prediction: Rebound Likely
On the daily chart, Ethereum’s price is on the verge of dropping below $2,500. While this might play out, the support around $2,345 is likely to help the altcoin rebound.
However, if that happens, the cryptocurrency will have the resistance at $2,790 to contend with. As seen below, the Balance of Power (BoP) indicator has jumped. The BoP measures the strength of bulls compared to bears.
When the reading decreases, bears are in control. But when the BoP rises, bulls are in control, which appears to be the case at the time of writing. Should this remain the same, then Ethereum’s price might rise to $2,824.
In a highly bullish scenario, ETH could rise as high as $3,262. On the other hand, a decline below the support could invalidate this bias. In that scenario, ETH could drop to $2,115.
