Ethereum Near MVRV Support as Price Tests Low‑$2K Levels

Ethereum’s price is hovering near the 0.80 MVRV band, identified around $1,959, a level some analysts use to mark historical bottoms and potential rebound zones ^[1].

Price action has been weak: ETH has fallen sharply in recent weeks and was reported trading in the low‑$2,200 to $2,280 range as selling pressure pushed the token into a ‘high‑risk’ zone below $2.3K ^[2][5].

On‑chain metrics show rising network activity even as the price declines; Active Addresses for Ethereum have jumped toward multi‑year highs, indicating increased usage during the drawdown ^[3].

Technical analysis and market commentary remain mixed: one chart pattern analysis warned of a possible drop into the $1,665–$1,725 range, while commentators noted major buy and sell walls—around $2,100 on the buy side and $2,560 on the sell side—and cautioned that the bottom may not yet be in ^[4][6].

Observers are therefore watching the MVRV 0.80 band near $1,959 together with on‑chain indicators and order‑book levels to gauge whether current weakness resolves into a rebound or more downside ^[1][3][6].

Ethereum sits at a crossroads: elevated network activity contrasts with bearish price signals and technical studies that point to further downside risk; the 0.80 MVRV band near $1,959 is being monitored as a key reference point for potential support ^[1][3][4][6].