- Ethereum’s MVRV showed that the price was far below fair value, trading at levels last seen in 2023.
- A whale bought 3,659.83 ETH for $5.88M DAI after being dormant for 2.8 years despite a continued drop.
Ethereum’s [ETH] MVRV Z-Score dipped below the neutral zone at 0 to hit the accumulation zone that the market saw in the year late 2020 and 2023.
The price declined -45.3% during Q1 2025 to reach levels below $2000, last seen in mid-2023.
MVRV Z-Scores below 1 indicate that ETH price was trading under its intrinsic worth. At such times, investors start buying ETH to hold in the long term.
A sustained low MVRV reading might indicate price undervaluation, which could invite institutional and smart money participants and trigger price growth.
Source: Glassnode
An extended stay within this zone corresponds to lowered conviction from holders or rising market unpredictability evidence.
The Z-Score exceeding 1 level may initiate new bullish price action, but declining values may lead ETH to near its previous cycle bottom.
The data showed potential for upcoming buying behavior or continued price declines.
How far below could ETH go to trigger a reversal?
ETH hovered near $1,580, stuck between $1,612.59 resistance and $1,566.14 support. Price stayed within this tight band for 48 hours, reflecting indecision.
In fact, such narrow trading often precedes volatile breakouts or sharp liquidations. A confirmed break above $1,620 could signal bullish revival.
Source: TradingView
ETH staying beneath $1,566.14 would result in downward pressure that could push the market below $1,540 and potentially even toward $1,500 if sell-side momentum rises.
Trading activity was low because market participants were seemingly preparing for an inverted trend. Increased volume at the breakpoints of this trading range would confirm the breakout.
Whale activity adds complexity
Meanwhile, a previously inactive whale account came back online after 2.8 years to purchase 3,65983 ETH that cost $5.88 million—a sign of optimistic market conditions.
Large-scale movement of these ETH through the TornadoCash network hinted that more investors could be preparing to buy.
However, a potential sell loomed as Galaxy Digital deposited 12,500 ETH to Binance, accounting for a total of 62,181 ETH.
Source: OnChain Lens
Naturally, such inflows often preceded sell pressure, especially during uncertain price conditions. This activity implied heightened risk of breakdown if demand faltered.
Having said that, the whale reentry also suggested confidence in a medium-term rebound. Ethereum thus stood at a crossroads—between renewed accumulation and looming distribution.
