ETH's current price is around $2.3k. I've recently been looking at a metric called MVRV, which is very useful for judging bottoms. It's said that when the MVRV ratio drops below 0.80, ETH usually approaches a long-term bottom, and it has now fallen to 0.78.

But to be fair, although MVRV gives seemingly optimistic signals, the market is still in a significant distribution phase, and selling pressure is quite strong. If this pressure continues, it may continue to decline. According to some analyses, if MVRV continues to worsen, the support levels are roughly at $1,800, $1,584, $1,238, and $1,089.

So, although MVRV currently shows a bottom signal, we still need to see if the selling pressure can be alleviated in the future; we can't draw conclusions based on a single indicator.