Market Data 
In line with the general crypto market, Ethereum (ETH) produced a positive price performance in the past day with a significant 4.50% gain, according to data from CoinMarketCap. Following this price rise, the altcoin moved its weekly profits to around 1.35% after what has been a turbulent trading week. However, certain market indicators signal the ETH market remains far from a bullish breakout.
Ethereum MVRV Far From Critical Bullish Level, Analyst Says
In an X post on Friday, crypto analyst Burak Kesmeci shared an insight on the cyclical relationship between Ethereum’s price and its Market Value to Realized Value (MVRV) ratio, which he states can be used to identify buy and sell signals.
According to Kesmeci, the last two bull and bear periods in the ETH market have revealed certain MVRV points i.e. 3.00 and 0.80 as vital to understanding price movement.
The analyst explains that an MVRV value above 3.00 usually results in Ethereum entering an overbought zone, presenting investors with an opportunity to sell in fear of a potential price fall. Alternatively, historical data have shown ETH to be “relatively cheap” and undervalued when the MVRV value falls below 0.80, representing an opportunity for aggressive purchases by long-term investors.
However, In a more detailed analysis, Kesmeci highlights 2.25 to be a critical MVRV level in a bullish Ethereum market. The analyst states that significant price gains have been recorded whenever ETH moved past this MVRV value in the last two bull cycles.
According to Kesmeci, Ethereum’s current MVRV stands at 1.22 following a decrease from 1.95 over the last 120 days. A continuous decline to below 0.80 would present a buy signal as earlier stated. However, investors should only anticipate a “serious rally” if the MVRV value moves upward and past 2.25.
Key Ethereum Support Zone Revealed
In other news, market analyst Ali Martinez has identified a key support level for Ethereum. According to data from IntoTheBlock, 2.4 million wallet addresses acquired $52.6 million worth of ETH at the $2,300 price mark. Therefore a price fall below this region could trigger a panic market sale, resulting in a further price loss.
At the time of writing, ETH trades at $2,458 with a 4.51% gain in the past 24 hours. However, the general market sentiment towards the altcoin remains largely bearish. This is reflected in the 13.21% decline in its daily trading volume currently valued at $13.45 billion. With a market cap of $293.36 billion, Ethereum remains the second-largest cryptocurrency after Bitcoin.
Featured image from The Guardian Nigeria, chart from Tradingview
