Analysis: Ethereum MVRV Ratio Indicates Price is in a Long-Term Bottom Area

BlockBeats News, February 28, according to analyst @alicharts, the current Ethereum MVRV (Market Value to Realized Value) ratio has dropped to 0.78. Historical data shows that when the MVRV ratio falls below 0.80, ETH is usually close to a long-term bottom.

However, the current market is still in a heavy distribution phase. @alicharts noted that if the selling pressure persists, the potential support levels are: $1800, $1584, $1238, and $1089.