Ethereum vs. Bitcoin: How a key metric points to ETH as the winner

revealed that ETH bulls stepped up their game over the last seven days as the token’s price increased.At the time of writing, ETH was trading at $3,575.26 with a market capitalization of over $437 billion.pointing out an interesting development.

As per the tweet, ETH’s MVRV ratio was rising, suggesting that ETH’s market was heating up relative to its on-chain fundamentals.n fact, ETH managed to outperform Bitcoin in terms of MVRV ratio growth rate. The tweet also mentioned that, given the current ETF situation, this might be an ETH-only season.Is ETH ready for a bull rally?

Since the aforementioned dataset suggested that the chances of ETH showcasing a bullish performance were high, AMBCrypto planned to check its on-chain metrics., ETH’s net deposit on exchanges was high compared to the last seven days’ average, meaning that selling pressure was high. Additionally, its Coinbase premium was red, indicating that selling sentiment was dominant among US investors. Nonetheless, the Korea premium looked optimistic as it indicated that Korean investors were willing to buy ETH.A few of the technical indicators also looked bullish on the king of altcoins. For instance, the MACD displayed the possibility of a bullish crossover.Additionally, the Chaikin Money Flow also moved northward, hinting at a price increase in the coming days.

A successful breakout above that level might allow ETH to reach $3.8k. However, if the bears takeover, then investors might witness ETH drop to $3.28k this week.

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