The post Will Ethereum hit $2,323? Why traders are closely eyeing THIS zone appeared on BitcoinEthereumNews.com.

Ethereum dropped to $1,300 after breaking out of its consolidation range following macro-triggered volatility. If MVRV slips below 1.03, ETH could fall to $2,323; staying above may allow a retest of $2,700. Since the 10th of May, Ethereum [ETH] had remained stuck within a consolidation range. Over this period, the altcoin has lacked the momentum to break out to the upside. That changed after external volatility, sparked by the Trump vs. Musk feud, dragged ETH down to a low of $1,300. MVRV momentum dips below bullish threshold Crypto analyst Burak Kesmeci pointed to the MVRV Z-Score as a key signal. In his analysis, Burak posited that Ethereum MVRV was at 1.21 points, and it’s continually losing momentum. Looking at previous cycles, MVRV has played a vital role in determining Ethereum price momentum. Source: X When examining the last two bull and bear periods, the values of 0.80 and 3.00 points in MVRV are particularly notable. In fact, whenever MVRV rose above 3.00 points, ETH heated up and entered the overbought region. This creates the opportunity to sell gradually. In detail, we can say that the 2.25 level is also a key pivot level. At this level, ETH prices surged significantly during the last 2 bull cycles. Ethereum’s MVRV was in a negative situation at press time. The metric has failed to reclaim bull levels since hitting 2.25. This is because, for a potential uptrend, the ETH MVRV score must first close above 1.90 levels. By doing so, investor perception/sentiment can become more secure and accelerate the upward movement. Source: TradingView On top of that, Ethereum’s RSI dropped sharply from 61 to 46, suggesting fading buyer interest and rising sell pressure. Simultaneously, the MVRV Z-Score slipped further to 1.20, hinting that holders are taking profits as unrealized gains shrink. Taker activity…

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Filed under: News - @ June 6, 2025 10:28 pm