Ethereum has experienced significant downward pressure, highlighted by approximately $1.13 billion in outflows from Ethereum ETFs over the past five weeks, correlating with a nearly 49% drop in the price from around $3,400 to approximately $1,800. Additionally, notable on-chain data indicates that Vitalik Buterin has sold about $34 million worth of ETH, further adding to the selling pressure. However, the MVRV Ratio, a key bottom-detection metric, currently sits at 0.78, suggesting that Ethereum may be entering an accumulation phase historically associated with macro price bottoms. Despite this potential, the risk remains that prices could fall further, with key support levels identified at $1,800, $1,584, $1,238, and $1,089 if selling continues.
Ethereum under pressure as $1.13B leaves ETFs, Buterin sells
