Ethereum News: Analyst Predicts Potential Price Drop to $1,250

Recent developments in the cryptocurrency market have led to some interesting predictions for Ethereum’s future price movements. Let’s dive into the details.

Ethereum (ETH) Price Can Fall to $1,250

Ethereum’s (ETH) price movements recently indicated potential weakness, trading at $2,114 after dropping by over 13% from its previous seven-day average. Analyst Ali Martinez believes Ethereum is approaching critical price levels, putting it at risk of testing $1,250 in the next weeks. However, prices seem to be recovering as the token now trades 1% above the previous 24-hour price. The initial Ethereum price decline happened alongside a general market decline, stabilizing at $2,100 before the slight recovery, with a market capitalization of $258 Billion.

Degen Ethereum NFT Collection Mfers Gets Animated Short

The Mfers, an Ethereum NFT collection, has received an animated short called The Normal Mfer. Created by CC0 Studios, the YouTube pilot episode chronicles the life of a young, normal mfer who still lives with his parents at 23 years old. The Mfers were launched during the NFT boom era, a time when attitudes toward NFT PFPs were already shifting toward degeneracy and skepticism. The Normal Mfer serves as a throwback to the November 2021 Mfers NFT collection.

Ethereum Devs Fix Bug in Petra Upgrade on Sepolia Testnet

Ethereum’s Petra upgrade, the biggest hard fork since The Merge, faced bugs on Sepolia testnet. The bug split transaction’s transfer and deposit actions instead of batching the data into a single blockchain message. Developers fixed the issue about six hours after deployment. This was the final dress rehearsal before the main upgrade.

Ethereum’s MVRV Ratio Signals Bullish Potential

Ethereum’s MVRV ratio dropped to 1.01 on March 4, reaching its lowest point since October 2023. This indicates that long-term holders are buying, viewing the asset as fairly valued or undervalued. A low MVRV ratio often signals a buying opportunity, as the price aligns with the average acquisition cost of most holders, including institutional investors. Historically, such conditions have preceded notable price recoveries during bullish phases.