I found it interesting that Ethereum's MVRV dropped to 0.78 in February. Historically, when this index falls below 0.80, it usually indicates a long-term bottom is near. But looking at where we are now, with ETH at $2.33K, the market has already recovered quite a bit since then.

What catches my attention is that even with this recovery, analysts still pointed out important support levels if selling pressure returns: $1,800, $1,584, $1,238, and $1,089. These numbers remain relevant as references. The MVRV metric is quite useful for understanding when we're at market extremes, but of course, it's never a guarantee of a bottom.

Overall, it seems that that low MVRV signal worked as a good buy indicator at that time. It's always good to monitor these on-chain indicators to catch the right moves.