Key Highlights:
- Ethereum price is historically undervalued, per MVRV Z-Score.
- Price must break $1,922 to confirm a bullish trend.
- Pectra upgrade and staking may boost momentum.
Ethereum price jumped 1.1% in the last 24 hours to trade at $1,831.35. The increase happens as the entire crypto market cap suffers a 1.9% drop, reducing to $3.09 Trillion. ETH bulls and bears are battling it out as the price hovers around key levels.
A crucial on-chain metric suggests ETH is currently undervalued. Analysts are now speculating on its potential upside in the coming weeks. Can Ethereum price break above key resistance levels and flip Bitcoin?
Bullish Indicator Signals Ethereum Price is Extremely Undervalued
Crypto analyst Traders Paradise shared an MVRV Z-Score chart that reveals Ethereum is extremely undervalued. The MVRV Z-Score is a key metric that compares the top altcoin’s market value to its realized value.
This metric offers insight into the valuation of ETH by comparing its market price to its realized value. It helps analysts determine whether Ethereum is trading above or below its fair price.
When the Z-Score dips into the green zone (below 0), it’s a sign ETH is undervalued—aka, a potential buying opportunity. When it spikes into the pink zone (above 7), it signals overvaluation and a possible top.
ETH’s MVRV Z-Score has entered the green zone multiple times historically. Notable instances occurred in August 2016, February 2017, and August 2020, highlighted by green circles on the chart.
Each time, Ethereum price (blue line) was at a local bottom, and what followed was massive rallies. For example, after the August 2020 dip into the green zone, ETH price skyrocketed from around $200 to over $4,000 by mid-2021.
On the flip side, the red circles highlight when the Z-Score dipped into the red zone (around 0 or lower). This indicated extreme undervaluation.
This happened in February 2019, February 2020, and most recently in February 2025. Each time, ETH was at a major low—think $100 in 2019, $200 in 2020, and now around $1,500 in 2025.
The pink zone highlights Ethereum’s overvaluation peaks during key cycles. In February 2018 and February 2021, ETH reached tops of approximately $1,400 and $4,800, respectively.
At present, in April 2025, ETH’s MVRV Z-Score has dipped into the red zone again, hovering around -1.5. Ethereum price is currently sitting at approximately $1,500, suggesting potential undervaluation based on historical trends.
Historically, this has been a “buy the dip” moment for ETH. The chart suggests Ethereum price might be at a bottom, and if history repeats, investors could see ETH mooning soon.
Ethereum Price Must Beat $1,922 Resistance To Flip Bullish
Despite the super bullish insight from Traders Paradise, there’s resistance to watch on the ETH 1-day chart. Ethereum price has encountered resistance at $1,829.87 and $1,922. At the same time, it held support at $1,767, $1,573.72, and $1,453.
A breakout above $1,829 could trigger further upward momentum. Investors may then see ETH climb toward $2,315 or beyond.
The relative strength index (RSI) is at 57.68 and pointing upward, a signal of increasing bullish momentum. The Choppiness Index (CHOP) is at 46.95 and headed downward.
This indicator helps measure market choppiness, signaling whether a trend is developing. When it approaches 0, it suggests that the market is gaining strength and emerging from consolidation.
What’s Next for Ethereum?
The MVRV Z-Score is indicating ETH is “undervalued,” and on-chain metrics are backing it up with increased activity. But ETH needs to clear that $1,922 resistance to confirm the bulls are back in town.
The upcoming Pectra upgrade in May might be the catalyst Ethereum needs for a breakout. With staking rewards attracting more participants, Ethereum price could gain strong momentum. If market conditions align, this upgrade may fuel a significant rally.
For now, ETH is at a crossroads. The chart says we’re at a historical buying zone. However, macro conditions—like Bitcoin’s next move and overall market sentiment—will play a big role.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
