IntoTheBlock: Ethereum MVRV dropped to 1.01, the lowest since October 2023, usually marking a local bottom
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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