Ethereum’s MVRV z-score hits historic lows, matching levels seen only in 2018 and 2022 before prior recoveries.
Ethereum trades at $1,747, down 65% from its August 2025 peak of $5,000, pushing most holders underwater on their cost basis. The coin’s market value to relative value (MVRV) z-score has reached depths seen only twice before, in late 2018 and mid-2022.
Both prior instances preceded significant recoveries, though investors waited months for gains. The current valuation mirrors past bear-market lows, with sentiment similarly pessimistic despite Ethereum’s volatile five-year performance.
Historical patterns suggest accumulation during such undervaluation phases has paid off in subsequent bull cycles, though the trend may not repeat this time.