Ethereum price trend analysis: MVRV indicator suggests short-term pressure, focus on the key 1.90 mark

Ethereum (ETH) has been in a consolidation range since May 10, lacking momentum to break out upward. Affected by external volatility caused by the dispute between Trump and Musk, ETH once fell to a low of $1,300. Crypto analyst Burak Kesmeci pointed out that Ethereum's MVRV Z-Score is currently 1.21, and it continues to lose momentum and fails to rebound to the key 1.90 level, indicating weakening buyer interest and increasing selling pressure. The relative strength index (RSI) fell from 61 to 46, further showing weak buying. Ethereum's buy-sell ratio has fallen for two consecutive days, sellers are dominant, and market sentiment is weak. If MVRV fails to rebound to 1.90, a broad rebound or altcoin season may be difficult to achieve. If MVRV remains above 1.03, ETH may retest $2,700, but a full breakthrough requires MVRV to rebound above 1.90. Historical data shows that bull market highs are usually between 2.9 and 3.4, and ETH is still undervalued at present.