Ethereum MVRV Ratio Indicates Potential Long-Term Bottom

Ethereum's MVRV ratio has decreased to 0.78, suggesting a potential long-term bottom, according to ChainCatcher. Historical data indicates that when the MVRV ratio falls below 0.8, Ethereum often approaches a long-term bottom. However, the market is currently experiencing significant distribution. Analyst @alicharts warns that if selling pressure continues, potential support levels are at $1,800, $1,584, $1,238, and $1,089.