Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Ethereum is finally seeing a notable rebound in its price as the second-largest cryptocurrency by market capitalization, which continues to break through significant resistance levels.

Following its upward trajectory, seeing a nearly 10% increase in the past week, discussions about Ethereum potentially reaching a new all-time high by the year’s end have gained momentum.

Notably, aligning with the ongoing ETH rally is renewed interest in Ethereum futures, with market metrics pointing to a bullish sentiment among traders.

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More Room For Growth?

A CryptoQuant analyst known as ShayanBTC recently shared insights into the ongoing rally in Ethereum, emphasizing the role of funding rates—a crucial metric in futures trading. Funding rates reflect the sentiment of traders and indicate whether the market is predominantly bullish or bearish.

According to Shayan, Ethereum’s funding rates have seen a noticeable uptick in recent weeks, suggesting that demand for long positions is growing.

Despite this bullish sentiment, the analyst mentioned that funding rates remain below the peak of Ethereum’s previous all-time high of $4,900, signaling that “it has not yet entered an overheated state.”

Meanwhile, while indicative of bullish sentiment, funding rates also act as a warning sign for potential market corrections. Historically, sharp increases in funding rates have been followed by sudden market corrections or liquidation cascades.

However, Shayan notes that Ethereum’s current funding rates are still manageable, implying that the market has more room to grow before such risks become critical.

Ethereum Market Performance And Outlook

Ethereum is currently experiencing an upward trajectory, posting notable double-digit gains of roughly 15.6% over the past two weeks. This bullish performance has propelled ETH to break through the critical $3,500 resistance level, setting its sights on the next major resistance at the $4,000 mark.

Currently, Ethereum is trading at $3,563, reflecting a 1.3% increase in the last 24 hours. However, this price represents a slight pullback from its 24-hour high of $3,682 recorded earlier today.

Additionally, Ethereum’s current price is just 26.78% below its all-time high of $4,878, highlighting its gradual recovery within the market.

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Regardless of the bullish sentiment, Coinglass data shows that in the past 24 hours alone, 98,389 traders have been liquidated, with the total liquidations coming in at $278.03 million.

Out of this total amount of liquidations, Ethereum accounts for roughly $63.33 million, with $40 million of this liquidation coming from short positions and $23.3 million from long positions.

Amid the current price performance from Ethereum, the renowned crypto analyst known as Ali on X has reiterated his target for ETH. Ali said the mid-term target remains $6,000 and long-term target $10,000.

Our mid-term target for #Ethereum $ETH remains $6,000… Long-term target: $10,000! https://t.co/X4lodGGIVY pic.twitter.com/siQsJzelzE

— Ali (@ali_charts) November 27, 2024

Featured image created with DALL-E, Chart from TradingView

A quant has explained how Ethereum is now in its secondary bull run phase according to the trend in this popular on-chain indicator.

Ethereum MVRV Ratio Is Forming A Pattern Similar To Past Two Cycles

In a CryptoQuant Quicktake post, an analyst talked about the latest trend in the Market Value to Realized Value (MVRV) Ratio for Ethereum. The “MVRV Ratio” is an on-chain metric that keeps track of the ratio between the asset’s market cap and its realized cap.

The realized cap here refers to a capitalization model that calculates ETH’s total value by assuming that the value of each token is equal to the price at which it was last transacted on the network.

In effect, the model is a measure of the sum of cost basis of all tokens in circulation or more simply, a measure of the amount of capital that the investors have put into the asset. As such, the MVRV Ratio indicator compares the market cap, which is just the total value that the holders are carrying in the present, against this initial investment.

When the value of the metric is greater than 1, it means the market cap outsizes the realized cap. Such a trend implies the investors as a whole are in a state of net profit. On the other hand, it being under the threshold suggests the dominance of loss in the market.

Now, here is the chart shared by the analyst that shows how the value of the Ethereum MVRV Ratio has changed over the last few years:

The value of the metric appears to have sharply been moving up in recent days | Source: CryptoQuant

As is visible in the above graph, the Ethereum MVRV Ratio shot up to a relatively high level during the first quarter of the year as the price rally took place. In the bearish consolidation that followed the run, though, the indicator cooled back down, returning to the neutral 1 level.

With the latest surge in the cryptocurrency, the MVRV Ratio has again witnessed a reversal to the upside. Interestingly, something like this was also observed during the last two bull markets, as the quant has marked in the chart.

It would appear that both of these runs involved two phases where the Ethereum MVRV Ratio rose to extreme levels, with a cooldown happening in between the two.

If the current cycle is going to show something similar, then the rally earlier in the year could have been the first of the phases, with the most recent rally potentially taking the role of the second one.

In both of the previous two cycles, the secondary bull run took the price to notably higher levels than the first one, so Ethereum might soon surpass the high from earlier in the year. This would only be, of course, if this pattern is going to hold for the current cycle.

ETH price

At the time of writing, Ethereum is trading at around $3,600, up almost 8% over the past week.

Looks like the price of the coin has been on the rise recently | Source: ETHUSDT on TradingView

Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com