Ethereum’s price has declined by 51% over the past 83 days. Current technical analysis indicates a potential bullish reversal, with a diamond pattern emerging. A critical point to watch is if ETH can break above the 200-day EMA to confirm the bottom.

Despite the ongoing pessimism, significant outflows suggest that investors may view the current price levels as a strategic buying opportunity. The MVRV ratio indicates that ETH might be undervalued, resembling previous points leading to bullish reversals.