Like previous cycles, ETH's performance leading to the Bitcoin's halving could be abysmal. But at what point is it okay to accumulate?
, Cowen highlighted that prior to the 2020 halving, ETH found itself in deplorable condition. He also mentioned that the altcoin only recovered much later after the four-year event had been completed at that time.for ETH at intervals, most were short-lived. As a result, ETH’s likely movement would be to form lower highs for the rest of the year, and possibly the first quarter of 2024.
For context, a lower high occurs If the price of an asset closes at a high price, but that high is lower than the high at the close of the previous trading day. Cowen said that, “That does not mean that Ethereum cannot at all move back up. It probably will at various phases. But the general direction should be down.”
At the time of writing, ETH’s price was $1,614, denoting a 12.61% decrease in the last 30 days. Regardless of the price action, several indicators suggest that the altcoin could beHowever, Cowen’s projection meant that ETH may remain undervalued till year-end. But what is the short-term holder view of Ethereum?
One metric that answers this question is the Short-Term Holder-Net Unrealized Profit/Loss . As an indicator to assess the behavior of short-term investors, theA UTXO refers to Unspent Transaction Output, and it reflects where each transaction starts and finishes. At press time, the STH-NUPL had slid from hope to capitulation .
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