The ETH/BTC exchange rate has fluctuated today. Is Ethereum about to take the spotlight? 🧙‍♂️

Without further ado, let's take a look at the ETH chart from Glassnode's Q4 23 Cryptocurrency Market Guide, and I will provide a simple interpretation for everyone to understand.

1⃣ Performance of ETH in this cycle

Comparing the performance of ETH in this cycle with that of BTC, it is found that contrary to the experience of most people, ETH is leading BTC by 6 months in this bull-bear cycle. In the first two bull-bear cycles, the 18th to 24th month was the first wave of the uptrend for ETH.

2⃣ Fluctuation of ETH price in this cycle 📈

In this bull-bear cycle, cryptocurrency investors have become more mature. While the price rebounded in 23, the volatility showed a decreasing trend. This is directly related to the continuous increase in the proportion of medium to long-term holders (holding for more than 155 days) among investors.

3⃣ Optimism-anxiety stage for ETH in this cycle

Measured from the perspective of net unrealized profit/loss on-chain, currently ETH is in the optimism-anxiety stage, while BTC is in the belief-denial stage. The degree of price bubble for ETH is relatively low.

4⃣ Momentum of ETH MVRV (current price/average on-chain buy cost) in this cycle

At the end of Q4 23, ETH MVRV was around 1.5, and BTC MVRV was around 3.2.

Currently, the selling pressure from profit-taking due to the rise is lower for ETH than for BTC.

The above is the analysis of the charts. In summary, ETH is gathering momentum for a rise. 🥳

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