Ethereum (ETH), the second-largest cryptocurrency by market cap, is currently under the radar of analysts and investors following a significant drop in its MVRV (Market Value to Realized Value) ratio. On-chain data shared by IntoTheBlock via the social platform X revealed that Ethereum’s MVRV now stands at 0.87 — a figure not seen since December 2022, during the aftermath of the crypto winter.
What Is Ethereum’s MVRV and Why Does It Matter?
The MVRV ratio is a key on-chain metric that compares ETH’s current market cap to its realized cap — a measure that calculates the value of ETH based on the price at which each coin last moved. A ratio above 1 signals that most investors are sitting on profits, while a ratio below 1 indicates that holders are in unrealized losses.
With the current MVRV ratio at 0.87, it means that a large portion of Ethereum investors are now underwater. This could reduce selling pressure, as traders are less inclined to realize losses, potentially setting the stage for price stabilization or a reversal.
Historical Precedent: Low MVRV as a Bottom Signal?
Historically, low MVRV levels have aligned with macro bottoms in ETH’s price. In December 2022, when MVRV hovered near current levels, Ethereum was in a prolonged bear market and later staged a recovery. While it’s uncertain whether history will repeat, the current dip could represent a strategic accumulation zone for long-term investors.
However, market sentiment around Ethereum remains fragile. Falling activity on the Layer-1 network and whale offloading of ETH holdings continue to fuel a bearish narrative.
ETH Price Analysis: Volatility Dominates as $1,610 Resistance Holds Strong
Ethereum’s recent 24-hour performance reflects the broader market uncertainty. ETH opened trading at $1,581.64, rallying briefly to $1,613 amid rising RSI levels and a bullish golden cross. However, a subsequent death cross on the MACD reversed the gains, pulling ETH to an intraday low of $1,424.
The price then rebounded, reclaiming the $1,520 level, but faced strong resistance again near $1,610. As of the latest data, ETH was trading around $1,542, testing this level as key short-term support.
Chart Observations (as per TradingView, April 8, 2025):
- Golden and death crosses alternated, highlighting extreme short-term volatility
- RSI briefly entered overbought zones, indicating a potential cooldown
- MACD showed weakening momentum after the initial spike to $1,603
ETH Price Prediction: Can Ethereum Break $1,610 Today?
Looking ahead, Ethereum’s ability to break the $1,610 resistance today will depend on whether bulls can maintain momentum and trading volume rises. So far, Ethereum has struggled to hold above this threshold due to market-wide uncertainty, post-Black Monday sentiment, and technical resistance.
If ETH fails to hold its current support at $1,542, it may retreat to the $1,500–$1,520 zone. On the upside, breaking above $1,610 could trigger a short-term rally toward $1,640–$1,670, but traders remain cautious due to the overlapping EMAs signaling a lack of directional conviction.
Key Levels to Watch Today:
- Support: $1,520 / $1,500
- Resistance: $1,610 / $1,640
- MVRV Status: 0.87 – historically linked to bottom formation
Also Read:
- Ethereum vs. Solana: Which Chain Will Dominate the Next Bull Run?
- Top 5 On-Chain Metrics Every ETH Investor Should Track in 2025
- ETH ETF Rumors: What They Mean for Price Recovery in Q2
