Several on-chain indicators are aligning to suggest that Ethereum could be trading below its fair value. The MVRV Z-score has entered a historical accumulation zone — a level that has previously marked major cycle bottoms.

Additionally, pricing bands place the key bottom range near $1,800–$1,880, reinforcing the idea that ETH’s recent drop may have completed its correction phase. With strong accumulation at these levels and liquidity clusters forming between $2,400 and $2,600, the setup points to a gradual recovery if macro conditions remain stable.

However, traders should watch the $2,000 level closely — a breakdown below it could still open the door to further downside toward $1,750.