Ethereum (ETH) has been in a consolidation range since May 10, lacking upward breakout momentum. Influenced by external volatility triggered by the dispute between Trump and Musk, ETH once dropped to a low of $2300. Crypto analysts point out that Ethereum's MVRV Z-Score is currently at 1.21, continuously losing momentum and failing to rebound to the critical level of 1.90, indicating weakening buyer interest and increasing selling pressure. The Relative Strength Index (RSI) has dropped from 61 to 46, further demonstrating weak buying activity. The buy-sell ratio of Ethereum has declined for two consecutive days, with sellers in control and market sentiment 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 could retest $2700, but a full breakout requires MVRV to rise above 1.90. Historical data shows that bull market peaks typically range between 2.9 and 3.4, and currently, ETH is still undervalued.