Ethereum, the second-largest cryptocurrency by market cap, is making waves again! Ether (ETH) just hit its lowest weekly close since November 2023, and the crypto community is buzzing. The past few months have been a rollercoaster for ETH, with a 51% decline over 83 days. That’s an average daily loss of about 0.61%, or 0.84% when compounded. But hold on, there’s more to the story.
In a surprising twist, Ethereum’s exchange outflows have skyrocketed to a 27-month high. According to IntoTheBlock, a crypto analytics platform, $1.8 billion worth of ETH left exchanges last week. This marks the largest outflow since December 2022. Despite the bearish sentiment surrounding Ether prices, this trend suggests that many holders see current levels as a strategic buying opportunity.
CryptoQuant, another on-chain data provider, echoes this sentiment. The 30-day simple-moving average of Ethereum netflows has plummeted to around 30,000 ETH, a level not seen since late December 2022. Ethereum’s MVRV (market value to realized value) ratio also dropped to 0.8 for the first time since October 18, 2023. This metric compares ETH’s market price to the average price at which all circulating ETH was last moved.
An MVRV ratio below 1 indicates undervaluation, signaling a potential buying opportunity. When the MVRV ratio hit 0.8 on October 18, 2023, Ether found a local bottom near $1,600 before embarking on a bullish reversal and kicking off the 2024 bull run.
So, is Ethereum’s bottom in? Ether is currently consolidating near the psychological $2,000 level after a steady correction since early 2025. Technical analyst Mikybull points out that Ethereum is “showing a bullish reversal” with a diamond price pattern. This pattern suggests a potential rebound of about 20%, pushing Ether to $2,600 from its current price.
However, there’s a catch. Ether’s weekly chart closed below the 200-day EMA level for the first time since October 2023. Since 2020, ETH has spent less than 15% of its time under this indicator. Historically, Ether has rebounded in the following week whenever it dipped below this trendline in 2023.
But if Ether remains below this line for an extended period, it could prolong ETH’s bottom price target. To confirm the bottom, Ethereum must bounce back above this EMA trendline in the coming days or weeks.
As always, remember that this article doesn’t contain investment advice or recommendations. Every investment and trading move involves risk, so do your research before making any decisions. Stay tuned for more updates as Ethereum continues its journey through the crypto landscape!
