The worst seems to be behind us Ethereum (ETH)because some indicators suggest that the bottom is already at the level second largest cryptocurrency by market capitalization. On this basis, ETH seems to be heading towards up-to-date all-time record (ATH)surpassing the current record of $4,800.

Ethereum MVRV shows that the bottom is in

Data With Glassnode onchain analytics platform shows that the lowest price level of Ethereum Market Value to Realized Value (MVRV) is $1,687, which suggests that the crypto token has already bottomed out. These MVRV price levels highlight how low or high the token is likely to go in market cycle based on unrealized losses or unrealized gains.

As such, Ethereum is unlikely to fall below the $1,687 level, and instead is heading towards a market top. It is worth mentioning that Ethereum fell to the $2,200 level after market crash on August 5thThis price level is close to MVRV’s $2,109 price range as highlighted by Glassnode, which is further evidence that the cryptocurrency has already bottomed out.

Meanwhile, Ethereum investors’ shift towards accumulation indicates that they no longer want to sell their assets but are holding on to them in anticipation of higher prices. Data Glassnode shows that the percentage ETH Delivery held on exchanges have fallen dramatically below 10%. This is significant as it potentially reduces selling pressure on Ethereum and sets it up for a massive rally as long as investors hold on to the cryptocurrency.

Glassnode data shows Ethereum could rise above $5,000 and reach as high as $6,759, which is the all-time high MVRV price level for the cryptocurrency right now. This price level could signal a market top for Ethereum in this bull run, although crypto analysts like Tyler Durden have Planned that the cryptocurrency could still reach $10,000.

Other indicators that support the upcoming ETH price augment

Recent blog post on Cryptoquant onchain analytics platform two indicators have been highlighted that show Ethereum is preparing for another round of growth. One of them is the Taker Buy-Sell Ration indicator, which calculates the ratio of buyers to sellers of Ethereum. This indicator is said to be positive again because Ethereum bulls regain strength and suppress any sales pressure from bears.

Ethereum Open Interest (OI) is rising again after falling to $7 billion in the Aug. 5 stock market crash. Data from Coinglass shows that the OI is currently at 10.81 billion, indicating that leveraged players are returning to the scene. This is significant because the trading volume in the derivatives market also has a enormous impact on the ETH price.

At the time of writing, Ethereum is trading at around $2,590, down more than 3% in the past 24 hours, according to data data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com