Ethereum May Form Bottom Near $2,000, On-Chain Data Suggests

Ethereum has dropped 27.63% over the past month, trading around $2,800 after declining from a local peak near $4,800. Analyst Ali Martinez notes that MVRV Pricing Bands indicate ETH could establish a bottom near $2,000, implying a potential 28% further decline from current levels. The analysis shows Ethereum's market price remains slightly above its realized price of $2,508.