ETH Pulls Back to $3,500 — But MVRV Hints at Bullish Continuation
With Ethereum staying around $3,900 for the previous two weeks, a break over $4,000 seems likely. The rapid negative pressure on ETH changed this almost-certain scenario.
Ethereum temporarily dropped below $3,500 on Friday, August 1. Despite this, recent on-chain signs show that the “king of altcoins” may yet rise beyond $4,000 and achieve a new all-time high.
Ethereum pricing may still be in the tank despite its weekend troubles. This assessment uses the MVRV ratio, which compares an asset's market and realized capitalization.