Ethereum’s MVRV Z-Score recently dropped below the neutral zone, signaling that the price was trading well below its fair value. This was reminiscent of the accumulation zone seen in late 2020 and 2023. The price of Ethereum experienced a significant decline of -45.3% during the first quarter of 2025, reaching levels below $2000, last witnessed in mid-2023.
When the MVRV Z-Score falls below 1, it indicates that the price of Ethereum is trading below its intrinsic value. This often prompts investors to buy and hold ETH for the long term. A sustained low MVRV reading may suggest price undervaluation, attracting institutional and smart money participants and potentially leading to price growth.
The Z-Score exceeding 1 level could spark new bullish price action, while declining values may push Ethereum closer to its previous cycle bottom. The data indicated the potential for upcoming buying behavior or further price declines. An extended stay within the accumulation zone might signal lowered conviction from holders or increasing market unpredictability.
ETH has been trading within a tight range, with resistance at $1,612.59 and support at $1,566.14. A breakout above $1,620 could indicate a bullish trend reversal. Conversely, staying below $1,566.14 could exert downward pressure on the market, potentially pushing it below $1,540 and even towards $1,500 if sell-side momentum intensifies.
The return of a dormant whale account after 2.8 years to purchase a significant amount of ETH for $5.88 million suggested optimistic market conditions. However, Galaxy Digital’s deposit of 12,500 ETH to Binance raised concerns about potential sell pressure. Large-scale movements of ETH through the TornadoCash network hinted at increased investor activity, while the deposit to Binance hinted at a potential sell-off.
Inflows of ETH often preceded sell pressure, particularly in uncertain market conditions. The whale’s reentry indicated confidence in a medium-term rebound for Ethereum. The market stood at a critical juncture, balancing between renewed accumulation and impending distribution.
As Ethereum navigates these challenges, traders are closely monitoring the market for potential breakouts and reversals. The interaction between bullish and bearish factors will ultimately determine the future trajectory of ETH prices. In recent years, there has been a noticeable shift in consumer behavior towards more sustainable and eco-friendly products. This trend is driven by a growing awareness of the environmental impact of traditional consumer goods, as well as a desire to make more responsible purchasing decisions.
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