As of this writing, Ethereum recorded an 8-month high, climbing north of $2,000 for the first time in 2023 and potentially reaching its next resistance area.

Recent data from research firm Santiment hints at a potential drop for Ethereum. The cryptocurrency has been on a bull run since the start of 2023, and now it’s hinting at signs of a potential drop.

The research firm looked at ETH’s 30-day Market Value To Realized Value (MVRV) which stands at 9.95% after the update. This indicator enters a danger zone when it reaches around 15% or above.