$ETH ETH MVRV and realized price chart. Source: Glassnode

This indicates that the average holder of ETH is now in a loss situation, a condition historically associated with cycle lows. During past cycles, sustained MVRV readings below 1.0 aligned with accumulation periods and eventual price recovery.

Additionally, the net position change data on exchanges suggests that a bottom is forming for ETH prices.

Net position change on ETH exchanges.

According to Glassnode, Ethereum saw consistent net outflows from exchanges in April, with more ETH being withdrawn than deposited.📊