IntoTheBlock: Ethereum MVRV dropped to 1.01, the lowest since October 2023, usually marking a local bottom

03/05 11:32

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The Ethereum MVRV indicator touched 1.01 yesterday, the lowest level since October 2023, when the ETH trading price was slightly below $1600.

MVRV can be used to identify market tops and bottoms. Historical data shows that around 1.01 usually marks a local bottom, but such low values are rare during a bull market.

Typically, a significant drop in this indicator occurs during a bear market, and during deeper cycle lows, MVRV may even fall below 0.70.

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