Ethereum’s MVRV Reaches 11-Month Low Amidst Market Sell-Off

The on-chain analysis platform, Glassnode Alerts, shared multiple new metrics for the altcoin leader, Ethereum (ETH), on Twitter today following the massive sell off in the crypto market over the past 24 hours. According to the post, ETH’s MVRV (1d MA) has reached a new 11-month low of 0.645.

The previous low of 0.655 was recorded on 13 July of 2022. ETH’s low MVRV could possibly be a bearish signal suggesting a high level of sell pressure. It could also reflect the lack of confidence among investors which is only natural following the drama in the crypto market over the past week alone.

Meanwhile, in a separate tweet today, Glassnode Alerts also revealed that ETH’s number of non-zero addresses has reached a new all-time high (ATH) of 100,566,301. The previous ATH of 100,565,405 was observed on 9 June of 2023.

This metric for ETH also perfectly reflects the confusion among traders in the market. After the announcement that Robinhood will be delisting major cryptocurrencies such as Cardano (ADA), Polygon (MATIC), and Solana (SOL), it is only logical for traders and investors to look for the next best crypto to keep their money safe.

ETH being the leading altcoin would make it a perfect fit for people looking for a crypto which can protect their funds until the dust settles. Despite this, ETH was still unable to escape the effects of the market sell off over the past 24 hours.

ETH price (Source: CoinMarketCap)

CoinMarketCap indicated that, at press time, ETH was trading hands at $1,724.82 after it saw a price decrease of more than 6%. Consequently, ETH was trading closer to its daily low of $1,721.44 than its 24-hour high of $1,854.82. The altcoin also ended up weakening against its competitor, Bitcoin (BTC), by about 2.47% throughout the past day.

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