Golden Cross hints at strong progress in the future

The price of Ethereum (ETH) has lagged behind other major assets this year, rising 30% year-to-date compared to Bitcoin's 102% and Solana's 118% gains. However, recent metrics suggest that ETH may be setting up for a strong performance.

Whale stocks are rising again, and key indicators such as the 7-day MVRV ratio and EMA alignment indicate bullish levels.

ETH 7D MVRV is in critical phase.

Ethereum's 7-day MVRV ratio is currently sitting at -3%, suggesting that short-term holders are on average at a slightly unrealized loss. This measure usually indicates whether the property is undervalued or overvalued relative to recent market activity.

This type of negative MVRV ratio can indicate an accumulation zone, as it reflects that holders may be less willing to sell, leaving room for price movement if demand increases.

The MVRV 7-day ratio measures the average gain or loss of Ethereum over the past seven days.

Interestingly, on November 5, the MVRV 7D ratio hovered around the same levels, before a major price rally took ETH from $2,400 to $3,400 in a week, highlighting how this could happen again soon.

Ethereum Wells are rallying again.

From November 7 to November 13, the number of whales holding at least 1,000 ETH increased significantly from 5,527 to 5,561. This is one of the largest growth spurts in this dimension for 2024, indicating strong holdings by large owners.

Such activity increases confidence in ETH's, as whale stocks are preceded by reduced selling pressure and price action concentrated in ownership.

Addresses balance >= 1,000 ETH Source: Glassnode

Following this massive increase, the metric saw a sharp drop to 5,534 in just one day, indicating profitability. However, in recent days, reaching 5,548, it has started to climb again.

This renewed upswing shows that the whales are repositioning themselves, which could strengthen ETH's price stability and even fuel a potential rally.

ETH Price Prediction: 15% Up Possible.

With the MVRV 7D ratio at -3% and whales starting to rally again, ETH price seems to be setting itself up for bullish action. This view is further supported by the EMA alignment, where the price is above all the lines, and the short-term lines cross over the long-term ones to form a golden cross.

This technical setup usually signals the beginning of a strong uptrend that reflects the growing momentum in the market.

If the momentum continues, ETH may challenge the resistance at $3,560, which represents a potential 15% upside from current levels.

However, if the growth weakens, ETH could test the support at $2,822, and failure to hold that zone could lead to a deep correction to $2,360. These levels will be crucial in determining whether ETH can sustain its recovery or whether it needs to strengthen further.