On-chain data shows that $ETH is trading in regions historically considered “cheap.” Metrics such as MVRV, in particular, indicate that the price is under pressure relative to investors’ costs and that a potential recovery zone is forming.

However, there is an important detail: the price is still well above deeper value zones that is, the true bottom range below $1,200. This indicates that the market has not yet gone through a classic “capitulation bottom” process.

So the picture is two-layered:

According to the data, ETH is relatively cheap, but this alone does not generate a buy signal.

True strength typically emerges as follows:

Selling pressure decreases, demand strengthens, and the price maintains stability above key support levels.

In short, the market feels “cheap,” but the real confirmation comes when the structure forms.

Early moves can be misleading without a breakout, increased volume, and a strong base formation.

Do you think ETH is in an accumulation zone here, or has the bottom not formed yet? 🤔