ETH representatives approached the stage to address all the criticism of the token. The admission was helpful and self-revealing. However, that does not diminish the fact that ETH is not in the best of shape. ETH has silently dipped into a rare territory.
The signals suggest that the token is one of the most deeply undervalued digital assets compared to BTC. Data released by CryptoQuaint indicates that the chasm between the two tokens is quite blatant and is gradually increasing. The difference ratio has not been widening and is reminiscent of what was seen back in 2019.
Is ETH On A Growth Trajectory?
The data has been presented and vetted, using the ETH/BTC Market Value to Realized Value (MVRV) metric. The metric gauges and calculates market sentiment to understand where the market is leaning and its implications.
The token’s on-chain analytics have taken historical data into account. According to historical records, when the MVRV metric reaches an abysmally low stage, it is usually followed by a meteoric rise.
Fortunately, the assumptions are gradually coming true as the general demand for ETH ETFs has increased. This sharp rise is suggestive that historical price movement is picking up speed.
The ETH/BTC price ratio has already rebounded nearly 38% from its lowest point. This shows investors are betting on the bottom line, hoping the alt-season is just around the corner. Therefore, all signs point to the speculation being true. Furthermore, it can be assumed that the token is all set to make a comeback and conduct a price surge.
However, critics have pointed out that the underlying problem of the blockchain is still not fixed. Therefore, any projected price surge might not be as meteoric as some think.
