Ethereum’s recent dip below 3,000 USD has triggered considerable losses, pushing many investors to sell off to limit their losses. This shift has altered the market sentiment to a bearish outlook, with $3,000 now a critical resistance level.
Despite the bearish trend, Ethereum’s MVRV Ratio remains positive, indicating that ETH is not overvalued. If the price can reclaim support levels around 2,698 USD and 3,028 USD, there could be a potential path toward recovery, aiming for targets as high as 3,131 USD.