Ethereum (ETH) Price: MVRV Ratio Enters Historical Buy Zone as ETH Falls to $2,100

TLDR

• Ethereum has entered a historical MVRV buy zone between 0.8 and 1.0, suggesting the market may be near a value reset
• ETH was rejected at the $2,400 resistance zone and dropped to a low of $2,100
• Price is now trading below $2,200 and the 100-hourly Simple Moving Average
• Key short-term support sits at $2,100–$2,150, with deeper support near $1,770 if that fails
• A move above $2,200 could open the path toward $2,240, $2,275, and potentially $2,385

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Ethereum is trading around $2,100 after a sharp drop from the $2,385 area. The price fell below $2,320, then $2,250, and broke through a major bullish trend line that had been holding near $2,160 on the hourly chart.

Ethereum (ETH) Price

The low so far has been $2,100. Price is currently consolidating just above that level, sitting below the 23.6% Fibonacci retracement of the move from $2,385 down to $2,100.

ETH is also trading below the 100-hourly Simple Moving Average, which adds weight to the short-term bearish picture.

The first resistance to watch is $2,165, followed by $2,200, where the 100-hourly SMA sits. Getting back above $2,200 is the first step for any recovery attempt.

If ETH clears $2,200, the next levels are $2,240, which lines up with the 50% Fibonacci retracement, then $2,275 and $2,320. A stronger push could reach $2,385.

On the downside, if $2,100 breaks, support levels come in at $2,060 and $2,020. The $2,000 level is seen as the main floor.

MVRV Ratio Enters Historical Buy Zone

Zooming out, Ethereum’s MVRV ratio has dropped into the 0.8 to 1.0 range. According to analyst Ali Charts using Glassnode data, this zone has historically appeared before strong multi-month recoveries.

https://twitter.com/alicharts/status/2034559606668570900?s=20

Past rebounds from this zone have ranged from around 129% to over 5,000%, though each cycle played out under different conditions. The zone does not signal an immediate price jump, but it does suggest that downside from here may be more limited than it was near previous highs.

ETH reached a cycle high near $4,955 before this correction. The current price around $2,100 represents a drop of more than 57% from that peak.

Analyst Flags $2,150 as Key Level

Analyst Ted Pillows posted on X about Ethereum’s current setup. He noted that ETH saw a sharp rejection at the $2,400 resistance zone and is now retesting $2,150 as a potential support level.

https://twitter.com/TedPillows/status/2034554720593772615?s=20

The chart shared by Ted Pillows shows a pattern of lower highs, with each bounce failing to push meaningfully higher. That structure keeps further downside on the table if support breaks.

The $2,150 zone lines up with a prior consolidation area and is being watched as a short-term pivot.

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