Ethereum staking hits 37.1M ETH as on-chain metrics hint at a possible $1.8k–$2k bottom

Ethereum’s price has been under pressure since mid-January, with each weekly close printing lower lows as macro uncertainty weighs on risk assets. At the same time, on-chain indicators such as an MVRV ratio near 0.78, a deeply oversold RSI, and a record 37.1 million ETH staked are signaling that a potential bottom could be forming around the $1.8k–$2k area. Yet sustained ETF outflows and large whale selling suggest that, despite a tightening supply on exchanges, any bottoming narrative may still resemble a “sell-the-news” setup rather than a confirmed reversal.