How Ethereum’s MVRV could have a say in it based on its next price at $3.8K

• Ethereum’s MVRV level is approaching a bullish crossover, with technical indicators showing strong upside potential
• High performance in derivatives and short-term stoppages fueled Ethereum’s bullish run

Ethereum [ETH]at the time of writing, it was finding activity as it appeared to be approaching a key cross of the MVRV Momentum above the 180-day moving average – A historical indicator of active activity. This signal, which is closely watched by traders, usually marks the beginning of the strongest Ethereum with the emphasis on ETH not measured, which is related to the profit of its owners.

After ETH’s recent rally from $2,400 to $2,800, the crypto community is looking at this cross as something that could stimulate further gains.

At press time, ETH was trading at $2,829.58, after a 7.19% rise in the last 24 hours. However, since this crossover is yet to happen, there may be more room for Ethereum to continue to build. So, the question – Does this mean that a big reunion might be around the corner?

ETH chart analysis – Signal strength technical indicators

Analyzing the daily chart of Ethereum, the key technical indicators have revealed a promising outlook. ETH recently broke above the descending channel, indicating a change in momentum. At the time of publication, the RSI had a value of 65.10, slightly below the overbought threshold. This suggests that there is still room for improvement.

Meanwhile, the MACD has crossed above the signal line, confirming a profit-supporting trend that could support further gains if the buying pressure continues. This combination of signals highlighted the strong position of ETH as it approaches the heavy resistance, which sets the stage for a run to reach its next target of $3,891.

Notes from ETH – Raising investor interest

Data from Ethereum reinforced this positive outlook. Open interest rose by 8.65% to $16.11 billion, reflecting the great commitment of traders. In addition, the Open Options Building increased by 13.48% – Total $ 6.88 billion – While the volume of options increased by 78.72%.

This rise in activity meant confidence in Ethereum is nearing a growth period. Especially when many investors are positioning themselves for potential profits.

Ethereum liquidation conditions – Shorts face pressure

Liquidation data also highlights the current strength of ETH. As of November 7, total fees reached $41.74 million, with shorts worth $27.76 million. This wave of short-term stops highlighted the increasing pressure on the bearish positions, which could lead to further buy-side support.

If the price of Ethereum continues to rise, short cuts can follow that increase the speed of trading.

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Read on Ethereum of [ETH] Price Statement 2024–2025

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Will Ethereum’s MVRV momentum cross confirm the rally?

As Ethereum neared the key MVRV Momentum cross, strong technical indicators, significant activity in derivatives, and short-term stops all pointed to a potential rally. However, it can be cautious until the cross occurs.

If confirmed, this signal could push Ethereum to its $3,891 level. Will ETH continue north and meet bullish expectations, or will resistance hold it back? Ethereum’s next steps are important and will be watched closely.