Ethereum’s MVRV Z-Score Is Leaving the Value Zone Again The long-term valuation gauge is doing what it has done at prior cycle turns — not what it did at the 2017 and 2021 tops. According to Glassnode’s $ETH MVRV Z-Score, Ethereum is lifting out of the green band near zero after another dip into undervalued territory in 2026. Prior arrows on that same band marked 2017, 2019, 2020, 2022, and 2025. The red zone above 7 is where the last two major tops printed. Ethereum has not reached that zone this cycle. Key Details: > MVRV Z-Score compares market value to realized value. High readings mean holders are sitting on large unrealized gains. Low readings mean the opposite.
> Cycle tops in 2017 and 2021 hit the red band near 7.
> From 2024 into 2025, the Z-Score stalled near 2 — well below that old threshold.
> The latest print is coming off the green zone around 0, with ETH price still near the mid-$2,000s.
Leaving the value zone is the setup. Clearing the 2024–2025 cap near 2 would be the first real test. “Obliterating” the old 7 threshold would mean a full euphoria phase that this cycle has not printed yet. $ETH MVRV Z-Score Lifts Off the Green Band — Still Far From the 7 Top Zone

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