Ethereum (ETH) Price Shoots Past $2,100, Here's the Bull and Bear Case Scenarios

Amid a strong rally in the broader cryptocurrency market, the world’s second-largest cryptocurrency Ethereum (ETH) has surged more than 10% in the last 24 hours shooting past $2,100. This comes with the successful implementation of the Shanghai hardfork with the Ethereum blockchain continuing to show strength and stability.
It is for the first time since August 2022 that the Ethereum price has shot past $2,000. With the ETH price extending the weekly gains to more than 12%, the question on investors’ minds is what’s next ahead. To understand this, let’s discuss both – the bear and the bull case scenario for Ethereum.

The Bear Case Scenario for Ethereum
On-chain data provider Santiment pointed out the popular MVRV ratio (Market Value/Realized Value). It notes that the MVRV score of 15% or more is a warning sign indicating the probability of a correction. Currently, the MVRV score for Ethereum (ETH) is 9.95%. Although an MVRV score above 0 indicates the risk of a drop, the current score is not something that’s very concerning.
But on the other hand, the 365-day MVRV score is at 29%, which is at the highest level since December 2021.