$ETH Heatmap: MVRV Red, Sellers Exhausted, ATH Ahead
#ETHEREUM is knocking on the $4,400 door after a massive run from $2,400, both price action and on-chain momentum are aligned for a potential breakout.
🔹 MVRV_norm → Deep red, majority of supply in profit. Historically can trigger sell pressure, but rally phase still intact.
🔹 Supply_in_loss_norm → Near historical lows, sellers almost exhausted.
🔹 Realized_price_norm → Rising with spot, showing fresh capital inflows.
🔹 NUPL_norm → High-positive zone, profits up but not yet full euphoria.
🔹 Supply_in_profit_norm → Elevated, confirming widespread profitability.
Break & hold above $4,000 could send ETH toward $5,000+ (ATH).
Watch for profit-taking if momentum fades after breakout.
