Ethereum Hits Rare MVRV Zone Linked To Past 130%+ Rallies

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 In a post on X, the analyst wrote: “Ethereum has entered a generational ‘Buy Zone.’ The MVRV Ratio, which measures the gap between market price and average investor cost basis, has just dropped into the 0.8 – 1.0 range. Historically, this ‘fair value’ reset has been the precursor to massive structural bull rallies.” That framing rests on a familiar on-chain logic. When MVRV falls toward or below 1.0, spot price is converging with, or moving under, the aggregate on-chain cost basis of holders. In practical terms, the market is no longer pricing Ethereum at the rich premium seen during euphoric phases. Instead, it is testing a zone where prior cycles have exhausted sell