#Ethereum Whales Wake Up After 2.8 Years, Buy $5.8 Million Worth of ETH: Why Does This Matter? Ethereum [ETH]’s MVRV Z-score has fallen below the neutral zone of 0, hitting the accumulation zone that the market saw in late 2020 and 2023.
In the first quarter of 2025, the price fell 45.3% to below $2,000, the last time this happened was in mid-2023.
An MVRV Z-score below 1 indicates that the ETH price is below its intrinsic value. In this case, investors begin to buy ETH for long-term holding. A long stay in this area corresponds to a decrease in holder confidence or increasing evidence of market unpredictability.
A Z-score above 1 could trigger a new bullish price move, but a price decline could lead ETH to approach the bottom of its last cycle.
The data shows that there is buying potential in the future. A long stay in this area represents a decrease in holder confidence or increasing evidence of market unpredictability.
A Z-value exceeding the 1 level could spark a new bullish price move, but a drop in value could lead ETH closer to its previous cycle bottom.
The data suggests there is buying potential ahead.
