Ethereum has slipped into a valuation range that some on-chain analysts associate with major long-term bottoms, after ETH fell below its realized price for the first time in two years. Via X, renowned crypto analyst Ali Martinez argued on Thursday the setup now resembles prior cycle lows.
Ethereum Drops Into MVRV Buy Zone
Martinez paired that argument with a chart showing previous rebounds from the same region. The historical moves cited from this “Buy Zone” were substantial: roughly 150%, 5,390%, 130%, 280% and 250%. The implication was explicit. “On-chain data suggests Ethereum is approaching a long-term bottom. For those with a 12-24 month horizon, the accumulation window is officially open!”
In overheated markets, MVRV expands as price runs well above the network’s realized cost basis, often reflecting crowded profits and rising distribution risk. In contrast, sub-1.0 readings tend to appear when conviction is weak, sentiment is damaged, and marginal sellers have already absorbed a large part of the decline. That is why analysts often treat the zone as strategically important even if price action remains volatile in the short term.
At press time, ETH rebounded above realized price again and traded at $2,139.
