Ethereum’s MVRV Reaches 11-Month Low Amidst Market Sell-Off

• Glassnode Alerts revealed earlier today that ETH’s MVRV has reached a new 11-month low.
• Meanwhile, the altcoin’s non-zero addresses have reached a new all-time high over the past 24 hours.
• At press time, ETH was trading at $1,724.82 after it saw a price decrease of more than 6%.

The on-chain analysis platform, Glassnode Alerts, shared multiple new metrics for the altcoin leader, Ethereum (ETH), on Twitter today following the massive sell off in the crypto market over the past 24 hours. According to the post, ETH’s MVRV (1d MA) has reached a new 11-month low of 0.645.

The previous low of 0.655 was recorded on 13 July of 2022. ETH’s low MVRV could possibly be a bearish signal suggesting a high level of sell pressure. It could also reflect the lack of confidence among investors which is only natural following the drama in the crypto market over the past week alone.

Meanwhile, in a separate tweet today, Glassnode Alerts also revealed that ETH’s number of non-zero addresses has reached a new all-time high (ATH) of 100,566,301. The previous ATH of 100,565,405 was observed on 9 June of 2023.

This metric for ETH also perfectly reflects the confusion among t…

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