Ethereum Slumps into Capitulation Zone with MVRV Z-Score at -0.42

Ethereum's MVRV Z-Score has dropped to -0.42 after a 30% price decline over the past fortnight, entering a zone typically associated with mass selling.

Analysts are divided on whether Ethereum has reached a bottom or faces further downside pressure.

CryptoQuant analyst Joao Wedson stated that the score shows Ethereum is going through a clear capitulation process, but noted it does not compare to the intensity seen at major bottoms during the 2018 and 2022 bear markets.

The lowest value in history was -0.76, recorded in December 2018.

HashKey Group senior researcher Tim Sun emphasized that Ethereum's fundamentals continue to improve across several key dimensions, with on-chain activity and protocol evolution showing no substantive deterioration.