Ethereum has been predicted to grow by 100% in history

The main altcoin Ethereum, the second largest cryptocurrency by capitalization, has stabilized at $ 2500. According to analysts, network data indicates a possible significant price increase.

The MVRV Z-Score indicator, which compares the current market value with the historical one, dropped to 0.52. Historically, when this indicator exceeds 2.20, the price is approaching the top. In 2021, when ETH was worth $ 4819, the MVRV Z-Score was 3.35. Two months later, the price dropped to $ 2440.

Today, the MVRV Z-Score is close to the value of November 2023. Back then, Ethereum rose from $ 1959 to over $ 4000 in less than four months. If the pattern repeats itself, the value of ETH could rise by more than 100% by the end of this year.

The STH-NUPL indicator, which shows the net unrealized profit/loss of short-term holders, is now in the red zone. This indicates capitulation in the market. Most short-term investors are suffering losses. Historically, such periods have often preceded strong rallies.

Technical indicators point to similarities with the first quarter of 2024. In January, ETH experienced a significant correction, but then recovered sharply. Ethereum has now reached an oversold point, indicating that a significant rebound is likely. It may test the $ 2871 level.