$ETH

The price of ETH has fallen below $2000, marking the lowest point since December 2023.

Ethereum holders are experiencing an average unrealized loss of 7%, as the MVRV ratio has reached 0.93.

The total value locked in Ethereum (TVL) has dropped to a six-month low of $45.6 billion, which is 41% lower than its peak in December 2024.

As a result, the market value to realized value ratio (MVRV) for Ethereum has fallen to 0.93, indicating that ETH holders have an average of 7% unrealized losses. Historically, an MVRV ratio below 1.0 has signaled capitulation, which often preceded a strong accumulation phase before a price reversal.

The decline in TVL indicates a decrease in DeFi activity.

In addition to bearish sentiment, Ethereum transaction fees have fallen to $46.28 million, the lowest level since July 2020. This decline indicates a decrease in demand for network usage, reinforcing the weak on-chain ecosystem.

The price dynamics of Ethereum remain highly volatile, and the weak fundamental indicators of the network add pressure. If the bulls fail to reclaim $2000 soon, a drop to $1600 remains on the table before a potential recovery.