ChainCatcher reports that, according to analyst @alicharts, the current Ethereum MVRV (Market Value to Realized Value ratio) has dropped to 0.78. Historically, when the MVRV ratio falls below 0.8, ETH is usually near a long-term bottom. However, the market is still in a phase of heavy distribution.
@alicharts suggests that if selling pressure continues, the potential support levels are: $1800, $1584, $1238, and $1089.
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