One Indicator Suggests ETH Could Soon Rise To $200

There has been a big market wide uptrend lately which was sparked when Bitcoin first broke above $7,000 – proving that the entire situation will be particularly beneficial for Ethereum, too. As the crypto news today show, one indicator suggests that ETH could soon rise to $200.

In the near-term, it does appear that this momentum will extend significantly further. One fundamental indicator shows that ETH is undervalued at its current price and that it may shoot really higher in the future.

The one indicator we are talking about may extend ETH’s momentum further and prove that it is undervalued right now, giving it a chance to shoot higher. All of this comes as the crypto market approaches a critical technical level that bulls need to surmount, with a clean break above this level fuelling a new massive upside.

Currently, the price of Ether (ETH) is up by over 7% at a price of $171, marking a notable climb from the multi-day lows of $140 which were set the past weekend. Anyways, the upswing marks an extension of that which was first incurred on Sunday evening, which was around the time when the cryptocurrency started pushing higher in tandem with Bitcoin.

The ETH buyers, however, have proven to be more zealous than BTC’s – the crypto has been consistently outperforming the benchmark cryptocurrency and is currently trading up just under 5% against BTC.

The ETH news suggest that this one indicator could also spark a rise in the 200-day moving average, which is critical level that could determine whether or not this ongoing upswing transforms into a full-blown bull rally.

“Ethereum daily – First of the majors to retest MA 200 on this broader move,” one popular analyst noted in a recent tweet.

The technical level now sits around the $170 mark and could catalyse some significant momentum – especially if it is decisively broken above. According to the Glassnode research and analytics group, ETH’s MVRV ratio shows that its current price levels should be roughly $202, while the market value now is significantly below this.

“Ethereum’s MVRV Ratio, a metric used to assess if price is above or below ‘fair value’, currently sits at 0.
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8 – indicating that it is currently undervalued. ETH’s realized price is currently $202 while current market value is $164.”