IntoTheBlock: Ethereum MVRV dropped to 1.01, the lowest since October 2023, usually marking a local bottom

Odaily News Ethereum’s MVRV indicator hit 1.01 yesterday, its lowest level since October 2023, when ETH was trading just below $1,600.
MVRV can be used to identify market tops and bottoms. Historical data shows that levels around 1.01 often mark local bottoms, but such low values are rare during bull markets.
Typically, sharp declines in this indicator occur in bear markets, and at deeper cycle lows, MVRV may even fall below 0.70.