Ethereum (ETH) price has lagged behind other major assets this year, with a 30% year-to-date increase compared to Bitcoin’s 102% and Solana’s 118% gains. However, recent metrics suggest that ETH may be gearing up for a stronger performance.

Whale accumulation is picking up again, and key indicators like the 7-day MVRV ratio and EMA alignments are signaling a potential bullish phase.

ETH 7D MVRV Is at An Important Threshold

Ethereum’s 7-day MVRV ratio currently sits at -3%, suggesting that short-term holders are at a slight unrealized loss on average. This metric often indicates whether an asset is undervalued or overvalued relative to recent market activity.

A negative MVRV ratio like this can signal a potential accumulation zone, as it reflects that holders may be less inclined to sell, creating room for upward price movement if demand increases.

The MVRV 7-day ratio measures the average profit or loss of addresses that have acquired Ethereum over the past seven days.

Interestingly, on November 5, MVRV 7D ratio hovered around similar levels before a sharp price rally took ETH from $2,400 to $3,400 in just a week, highlighting how this could happen again soon.

Ethereum Whales Are Accumulating Again

From November 7 to November 13, the number of whales holding at least 1,000 ETH increased significantly from 5,527 to 5,561. This marked one of the largest growth spurts in this metric for 2024, signaling strong accumulation by large holders.

Such activity often reflects increased confidence in ETH’s, as whale accumulation tends to precede periods of upward price movement due to reduced selling pressure and concentrated ownership.

Following this surge, the metric saw a sharp drop to 5,534 in just one day, reflecting profit-taking. However, it has started climbing again, reaching 5,548 in recent days.

This renewed growth suggests that whales are once again positioning themselves, which could bolster ETH price stability or even fuel a potential rally.

ETH Price Prediction: Potential 15% Upside

With the MVRV 7D ratio at -3% and whales resuming accumulation, ETH price appears to be positioning itself for a bullish phase. This outlook is further supported by its EMA alignment, where the price is above all lines, and the short-term lines are crossing above the long-term ones, forming a golden cross.

This technical setup often signals the start of a strong uptrend, reflecting growing momentum in the market.

If the bullish momentum holds, ETH could challenge its resistance at $3,560, which represents a potential 15% upside from current levels.

However, if the uptrend weakens, ETH may test support around $2,822, and failure to hold that zone could lead to a deeper correction toward $2,360. These levels will be crucial in determining whether ETH can sustain its recovery or face further consolidation.

MicroStrategy has once again solidified its position as the world’s largest corporate holder of Bitcoin. The company announced its acquisition of 51,780 BTC, bringing its total Bitcoin holdings to a staggering 331,200 BTC.

With this strategic move, MicroStrategy not only strengthens its Bitcoin reserves but also highlights strong yield performance, reporting a quarter-to-date (QTD) yield of 20.4% and a year-to-date (YTD) yield of 41.8%.

MicroStrategy Adds 51,780 BTC, Reports Impressive Yield Growth

This latest acquisition highlights MicroStrategy’s commitment to its Bitcoin-focused strategy. The company has been a vocal proponent of Bitcoin as a long-term store of value, often advocating its use as a hedge against inflation and a tool for financial independence.

This is the firm’s second BTC purchase in November 2024. Between October 31 and November 10, MicroStrategy acquired 27,200 Bitcoin at an average price of $74,463 per Bitcoin, including fees. Earlier this week, it was reported that their BTC stash surpassed the cash and liquid assets held by major global corporations, including IBM, Nike, and Johnson & Johnson.

The company’s yield performance speaks volumes about the effectiveness of its Bitcoin strategy. A 20.4% QTD yield highlights the rapid appreciation of its Bitcoin holdings over the current quarter. The even more impressive 41.8% YTD yield demonstrates MicroStrategy’s foresight in capitalizing on Bitcoin’s recovery and growth in 2024.

The decision to acquire Bitcoin at such a scale isn’t without challenges. Critics often question Bitcoin’s volatility and potential impact on MicroStrategy’s financial stability. Yet, the company’s continued yield growth demonstrates that its strategy is reaping significant rewards.

The acquisition also hints at broader market trends. Bitcoin’s recent price recovery has likely encouraged the company to double down on its holdings even more aggressively.

The cryptocurrency market has shown resilience, with increasing institutional interest and adoption driving growth. By accumulating more Bitcoin, MicroStrategy aligns itself with this momentum, betting on a continued upward trajectory.

“This morning: – MicroStrategy buys another 51,780 BTC for $4.6B – MARA announces $700 million convert to acquire more BTC – Semler Scientific raises $21mm ATM and acquires 215 BTC – Metaplanet issues ¥1.75B debt offering to buy more BTC The corporate Bitcoin race is heating up,” one X user commented.

With 331,200 BTC under its control, the firm now holds one of the most influential positions in the Bitcoin ecosystem. Its latest acquisition cements its role as a key player, with potential implications for Bitcoin’s price movements and overall market sentiment. As the company reaps the benefits of its bold strategy, it also sends a powerful signal to other institutions considering Bitcoin investments.