Ethereum (ETH) experienced a 4.50% price increase, bringing its weekly profits to around 1.35%. However, market indicators suggest that the ETH market is still not bullish. Crypto analyst Burak Kesmeci highlighted the importance of the Market Value to Realized Value (MVRV) ratio in predicting Ethereum's price movements. An MVRV value above 3.00 indicates the market is overbought and suggests selling opportunities, while a value below 0.80 suggests the market is undervalued and presents buying opportunities. Kesmeci also emphasized the significance of the 2.25 MVRV level for a bullish market, as significant price gains have occurred in the past when ETH surpassed this level. Currently, Ethereum's MVRV stands at 1.22, but a move above 2.25 could signal a "serious rally." Additionally, market analyst Ali Martinez identified a key support level for Ethereum at the $2,300 price mark, where a price fall below this level could trigger panic selling. Despite a 4.51% price increase, the sentiment towards Ethereum remains bearish, reflected in a 13.21% decline in its daily trading volume. Ethereum remains the second-largest cryptocurrency after Bitcoin, with a market cap of $293.36 billion.



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