Ethereum (ETH) has entered a valuation range that on-chain analysts associate with major long-term bottoms — slipping into the 0.8–1.0 MVRV ratio zone that has preceded rallies of 130% or more in previous market cycles, according to data from Glassnode and analysis posted by crypto analyst Ali Martinez.
MVRV Drops Below 1.0
Martinez wrote in a post on X on Thursday that Ethereum had entered what he called a "generational Buy Zone," with the MVRV ratio — a metric comparing market price to the average investor cost basis — falling into the 0.8–1.0 range.
A chart accompanying the post showed past rebounds from the same territory, with historical returns of roughly 150%, 5,390%, 130%, 280% and 250%.
Glassnode flagged a related signal on Mar. 11, noting that ETH had dropped below its realized price for the first time in two years. The firm posted a realized price of $2,058.04 and an MVRV of 0.93, reflecting a 7% unrealized loss for the average holder.
At that point, Ethereum was trading at $1,917.86 — below the average on-chain acquisition cost tracked by the firm's model.
Also Read: Bitmine Adds 61K ETH In Single-Week Run, Now Holds 3.81% Of All Ethereum Supply
A Bottom For Ethereum?
When MVRV falls below 1.0, spot price has converged with or dropped under the aggregate cost basis of holders, meaning speculative excess has already been largely unwound. Sub-1.0 readings tend to appear when conviction is weak, sentiment is damaged, and marginal sellers have already absorbed much of the decline.
Martinez framed the setup as an accumulation window for investors with a 12- to 24-month horizon.
An MVRV below 1.0 does not guarantee a bottom, but analysts treat the zone as strategically significant because prior cycles have exhausted sellers and drawn in longer-duration buyers at similar levels.
Read Next: Solana Flashes Buy Signal For The First Time Since January