Ethereum's value has surpassed $3,600 following a period of volatility that led to a significant drop earlier this month. Amidst this comeback, the number of wallets holding Ethereum has reached a record high of 118,230, indicating a growing interest in the Ethereum network. Analysts have noted that the recent increase in Ethereum addresses aligns with a positive trend in the mid-term Market Value to Realized Value (MVRV) ratio, suggesting that Ethereum may be undervalued and poised for a price rally.

The MVRV ratio, which measures the average profit or loss of cryptocurrency holders based on the token's last moved price, has dropped into negative territory for the 30-day period. Historically, this signifies potential undervaluation and hints at a forthcoming price increase for Ethereum.

By analyzing charts showing Ethereum's price movement, holder numbers, and MVRV ratio, there seems to be a correlation between the growing number of Ethereum addresses and a decreasing MVRV ratio. This correlation suggests the possibility of future price surges, assuming past trends continue.

Currently, Ethereum is trading at $3,603, reflecting a 1.65% increase in the past 24 hours. This uptrend not only showcases numerical growth but also demonstrates the vibrancy and optimism in the Ethereum ecosystem.