Analysis: The Ethereum MVRV indicator shows that the coin price is currently in a long-term bottom range

According to analyst @alicharts, the current Ethereum MVRV (Market Value to Realized Value ratio) has dropped to 0.78. Historically, when the MVRV ratio falls below 0.8, ETH is usually close to a long-term bottom. However, the current market is still in a significant distribution phase.

@alicharts indicates that if the selling pressure continues, potential support levels are: $1800, $1584, $1238, and $1089.