On-chain data indicates Ethereum is approaching a historically significant MVRV lower band, a zone that has previously aligned with major cycle lows. Analyst Ali Martinez shared a chart showing the asset nearing deeply discounted price bands around $2,367. Concurrent Elliott Wave analysis from More Crypto Online suggests wave 3 may still extend higher, with upside targets up to $2,676, before a potential corrective wave four.
Analyst Ali Martinez highlighted that Ethereum is near a price zone that has often reflected cycle lows. The data shows the asset is approaching the lower end of the MVRV bands, an area viewed as deeply discounted.
The analysis notes that higher valuation bands are present around $7,577 and $5,683, which previously signaled overvaluation. The current trend moving close to lower bands around $2,367 and $1,894 has historically preceded long-term trend reversals.
Another perspective is highlighted by crypto analysis platform More Crypto Online. Its updated Elliott Wave structure for ETH/USD suggests the price is still within wave 3.
The analysis indicates wave C of wave 3 may not be complete, implying further upside. Fibonacci extension levels mark potential targets at $2,351, $2,470, $2,546, and $2,676.
Following this potential rise, the analysis predicts a wave (4) correction. Fibonacci support levels for this correction are noted at $2,109, $2,053, $2,010, and $1,967.
In the case of a deeper correction, further support levels are indicated around $1,820 and $1,599. The combined analyses suggest Ethereum is at a critical juncture, with analysts watching key levels.
