Ethereum is trading near $2,000 as prolonged weakness pushes key on-chain valuation metrics into ranges historically associated with major market bottoms.
Market value to realised value data shows Ethereum trading at levels that have previously coincided with late-stage bear markets, intensifying debate over whether ETH is close to a long-term inflection point.
“Ethereum is trading at a substantial discount to fair value,”
Said crypto analyst, Michaël van de Poppe, who compared current conditions to past crashes that later delivered strong recoveries.
Van de Poppe pointed to similar MVRV readings during the March 2020 COVID crash, the December 2018 bear market bottom, the June 2022 Terra-Luna capitulation and the April 2025 selloff.
On-chain analyst Jao Wedson urged caution, noting that Ethereum’s MVRV Z-score has entered capitulation territory but remains above the extreme lows seen at definitive bottoms.
Wedson said capitulation is usually a process rather than a single moment, with past cycles marked by multiple failed rallies and extended volatility before a true low formed.
The mixed signals leave Ethereum’s outlook finely balanced, with deep undervaluation suggesting opportunity while historical patterns warn further downside may still unfold.
At the time of reporting, Ethereum price was $2,016.27.