Decoding the ‘greed’ for Ethereum but with a pinch of salt

With Ethereum [ETH] standing at the brink of a new dawn with the Shanghai upgrade and a bullish looking crypto market, holders and investors have much to look forward to.

In a tweet posted by data intelligence platform Glassnode, ETH’s Market Value to Realized Value (MVRV) reached a 10-month high. As of 5 April, ETH’s MVRV ratio stood at 1.379.

Read Ethereum’s [ETH] price prediction 2023-24

Additionally, another tweet from Glassnode stated that the number of ETH non-zero addresses also reached an all time high as of 5 April.

Celebration on the cards? 

With the Shanghai upgrade all set to roll out on 12 April, there seems to be quite a buzz not only around the release of the update but also around ETH possibly crossing the $2,000 mark. At press time, ETH was exchanging hands at $1,909. Furthermore, the king of altcoins also surged by 6.61% in the last seven days as per data from CoinMarketCap.

As per the chart given below, ETH’s Relative Strength Index (RSI) was seen taking the higher path. ETH’s RSI stood at 65.59, thus indicating a high investor interest in the altcoin. Furthermore, the Awesome Oscillator (AO) also flashed green above the zero line, which could be considered as an indication of bullish forces around ETH.

Source: TradingView

As of 5 April, the ETH fear and greed index also indicated greed as the sentiment of the market towards the altcoin.

How much are 1,10,100 ETHs worth today

Which way to flow?

As seen in the chart given below, ETH’s social dominance witnessed a surge after what could be seen as a temporary drop on 3 April. Furthermore, the supply of ETH held by top addresses stood at a considerable position. The total number of ETH holders also witnessed a jump in the last 30 days as shown below.

Additionally, the number of active addresses witnessed a surge in the last 24 hours. At press time, this number stood at approximately 475,000. Thus, implying that many wallets were actively sending or receiving ETH in the last 24 hours.

Source: Santiment

In addition to the aforementioned information, ETH’s exchange inflow stood at 13,159 whereas ETH’s exchange outflow stood at 12,001. With the difference in favor of the inflows, it still could be said that some investors weren’t fully convinced by the bullish signs.

Source: Santiment

However, the small-scale difference between the inflow and outflow could mean that the tables could turn anytime. So which way will the scale move? That can be seen in the following days when ETH will stand closer to Shanghai.