According to the latest on-chain data, Ethereum appears to be entering a state 
of undervaluation, with the potential of rebounding to new highs. However, the 
question is — is it really time to buy ETH? ETH Could Drop Another 40% Before 
Bear Cycle Ends In a new Quicktake post on the CryptoQuant platform, crypto 
analyst Burak Kesmeci shared that Ethereum, the second-largest cryptocurrency 
by market cap, is starting to become relatively cheap. The relevant on-chain 
indicator in this observation is the MVRV (Market Value to Realized Value) 
ratio, an indicator that compares a coin’s market cap and its realized cap. 
Related Reading: Strategy’s Bitcoin Bet Now $3.35 Billion In The Red As Saylor 
Tells Investors To Wait Typically, the MVRV ratio offers insight into how the 
value the investors (of Ethereum, in this case) hold (the market cap) measures 
against the value they put in (the realized cap). When the value of this ratio 
is greater than one, it means that more investors are in profit at the moment. 
On the flip side, a lower-than-one ratio suggests that holders are currently 
underwater. Typically, high MVRV values are considered cycle top signals, 
while a low ratio indicates that the cryptocurrency has either reached or is 
close to a bottom. According to Kesmeci, the Ethereum MVRV is currently at 
0.9, meaning that ETH might be getting undervalued. However, Kesmeci mentioned 
that while Ethereum is indeed cheap, there is still a chance the altcoin gets 
cheaper from its current price point. To explain this point, the analyst 
highlighted the Realized Price Bands metric, noting that the ETH price has 
often gravitated toward the green band (the Realized Price lower band) in bear 
cycles. According to data from CryptoQuant, the green band currently sits at 
around $1,152, suggesting a potential further downturn of over 40% from the 
current price point. Kesmeci added: So yes, MVRV at 0.9 confirms ETH is 
getting cheaper. But the chart also clearly shows that MVRV has a habit of 
pushing down to 0.5 and below during full bear cycles. The Realized Price 
Bands confirm the same picture. Ethereum can dive into much colder waters from 
here. In summary, the Ethereum price is at risk of further downside from its 
current price point, despite being nearly 60% down from the current cycle 
high. Prediction Market Bets On Ether Losing No. 2 Crypto Spot According to an 
ongoing prediction market on Polymarket, Ethereum is being projected to lose 
its position as the second-largest cryptocurrency. The odds of the altcoin 
getting flipped rose to as high as 57% on the prediction market platform on 
Saturday. As of this writing, the Ether token is valued at around $2,090, with 
a market capitalization of over $253.1 billion. According to CoinGecko, the 
closest cryptocurrency (excluding stablecoins) to ETH is BNB, with a market 
capitalization of over $89 billion. Related Reading: Bitcoin Fails To Break 
$74,000 Resistance: Analyst Predicts ‘Structural Bottom’ Yet to Form Featured 
image by DALL-E, chart from TradingView

Ethereum Currently Undervalued – But Is It Time To Buy?

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