Ethereum (ETH) has been in a consolidation range since May 10, lacking the momentum for an upward breakthrough. Influenced by external volatility triggered by the dispute between Trump and Musk, ETH briefly fell to a low of $1300. Crypto analyst Burak Kesmeci noted that Ethereum's MVRV Z-Score is currently at 1.21, continuously losing momentum and failing to rise back to the critical level of 1.90, indicating weakened buying interest and increased selling pressure. The Relative Strength Index (RSI) has dropped from 61 to 46, further showing weak buying activity. The buy-sell ratio of Ethereum has decreased for two consecutive days, with sellers in the dominant position and market sentiment being weak. If MVRV fails to rebound to 1.90, a broad rebound or altcoin season may be difficult to achieve. If MVRV stays above 1.03, ETH may re-test $2700, but a comprehensive breakthrough requires MVRV to rise above 1.90. Historical data shows that bull market peaks typically range from 2.9 to 3.4, and currently, ETH is still undervalued.
