IntoTheBlock: Ethereum's MVRV has dropped to 1.01, hitting a new low since October 2023, usually marking the local bottom
The Ethereum MVRV index touched 1.01 yesterday, the lowest level since October 2023 when the ETH trading price was slightly below $1600. The 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 bull markets. Typically, this indicator drops significantly in bear markets and may even fall below 0.70 at deeper cycle lows.
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