The Ethereum MVRV indicator hit 1.01 yesterday, its lowest level since October 2023, when ETH was trading just below $1,600. MVRV can be used to identify market tops and bottoms. Historical data shows that a local bottom is usually marked near 1.01, but such low values are rare during bull markets. Usually, large declines in this indicator occur in bear markets, and at deeper cycle lows, MVRV may even fall below 0.70.