Analysis: The Ethereum MVRV indicator shows that the price is already in a long-term bottom zone

On February 28, according to analyst @alicharts, the current Ethereum MVRV (Market Value to Realized Value ratio) has dropped to 0.78. Historically, when the MVRV ratio falls below 0.80, ETH is usually near a long-term bottom. However, the market is still in a phase of heavy distribution. @alicharts suggests that if selling pressure continues, potential support levels are $1,800, $1,584, $1,238, and $1,089.