Ethereum most 'undervalued' in 17-months — Can ETH return to $4K?

Ethereum’s last undervalued signal in October 2023 preceded a 160% rally, fueling speculation of another bullish reversal in 2025.

Ethereum’s MVRV Z-Score, a key metric for assessing whether its native token, Ether (ETH), is overvalued or undervalued, has dropped to its lowest level in 17 months, signaling that the second-largest cryptocurrency could be bottoming.

The MVRV Z-Score, which compares Ethereum’s market value to its realized value, is now close to the green zone, historically associated with undervaluation. This metric suggests that ETH may be trading at a discount relative to the total capital inflow into the network.

ETH MVRV Z-Score performance chart. Source: Glassnode

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