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Crypto analyst and trader Ali Martinez has shared data showing that the second-largest cryptocurrency, Ethereum, could be in for a bullish breakout — if history is any guide.
Ali believes that the recent rebound of Ethereum was not an accident. Meanwhile, Tom Lee’s Bitmine continues to accumulate this asset, and another top influencer, Robert Kiyosaki, has recently made an ultra-bullish price prediction for Ethereum.
MVRV ratio drops, pushing Ethereum into buy zone
Martinez pointed out that the MVRV ratio has dropped below the 0.8 level, and this signifies that Ethereum is undervalued and has entered what historically is called a “generational buy zone.” Historically, the analyst says, such retests as Ethereum has demonstrated as it rebounded from $1,80 to $2,000 have led to major bull rallies in the past.
The analyst showed a Glassnode chart to back his statement. The chart shows that, in the past, such moves were followed by rallies of 149% to 587% after Ethereum reached bottoms in 2018, 2020 and 2022. On Monday, Ethereum staged a rebound of 7%, hitting $2,186. At the time of this writing, ETH is changing hands at $2,152.
Tom Lee's Bitmine plans to buy 5% of Ethereum supply
Data shared by Arkham Research has reported that Tom Lee and the treasury company Bitmine, which he runs as a chairman, has accumulated a whopping $140.74 million over the past seven days.
The company now holds a total of $10.03 billion worth of Ethereum. Compared to Bitmine, Arkham continues, Saylor’s Strategy has bought only $75 million of Bitcoin this week — 1,031 BTC for roughly $76.6 million.
They now hold 762,099 Bitcoin worth $54,080,861,820. Saylor’s ambitious goal is to acquire one million Bitcoin in total, while Tom Lee, according to Arkham, intends to accumulate 5% of the circulating Ethereum supply. So far, Bitmine holds 3.86% of all Ethereum in circulation. To hold 4% of the supply, they need to acquire another $359 million ETH. This is expected to happen by the middle of April this year.
Dan Burgin
Vladislav Sopov
