I've reposted a market analysis of ETH's on-chain MVRV data for your reference. However, this isn't my opinion.

$ETH In the past, every pullback has generally found effective support near the yellow line; however, upward movement into the orange area is prone to resistance. Based on this logic, the recent rally may be a false breakout. If it subsequently stabilizes after retracing back to the yellow line and then gains momentum, a true breakout could occur, with the target range around 5300. If this upward push is blocked in the orange area (around 4400+), it would mean the market has stalled prematurely. The most critical defensive point below is 3700. If this level is breached, ETH's upward trend is essentially broken, and a new all-time high is out of the question.