Crypto analyst Ali Martinez said an on-chain signal viewed by some market watchers as strongly bullish for Ethereum has appeared again, after four previous occurrences were followed by sizable ETH price gains.

Martinez, who posts under a pseudonym, wrote on X that the MVRV Golden Cross has been confirmed for Ethereum. The indicator is based on market value to realized value, or MVRV, a commonly used on-chain metric that compares an asset’s market capitalization with its realized capitalization. Realized capitalization values coins based on the price at which they last moved on-chain, making MVRV one way analysts assess whether holders are, in aggregate, sitting on unrealized profits or losses.

According to Martinez’s data, the previous four MVRV Golden Cross signals for Ethereum were followed by ETH price increases of 50%, 166%, 74%, and 113%, respectively.

“One of the most bullish on-chain signals for Ethereum has emerged,” Martinez said. “The MVRV Golden Cross has now been confirmed on ETH. The previous four signals were followed by gains of 50%, 166%, 74%, and 113% respectively.”

The signal comes as Ethereum has underperformed Bitcoin, while some investors continue to watch for signs of a stronger move in ETH. Ethereum remains the second-largest cryptocurrency by market capitalization and is widely used as the base layer for smart contracts, decentralized applications, and token issuance. For that reason, on-chain signals for ETH are often monitored alongside broader market liquidity, network activity, and Bitcoin’s relative strength rather than viewed in isolation.

Past market behavior does not guarantee that the same outcome will occur again. Although previous MVRV Golden Cross signals were followed by strong rallies, that history does not mean Ethereum will repeat similar performance this time.

This is not investment advice.