Will Ethereum hit $2,323? Why traders are closely eyeing THIS zone

This market condition is validated by the fact that Ethereums Taker Buy-Sell Ratio dipped for two consecutive days.

With this metric holding within negative territory, it suggests that sellers are dominating the market. The weakness across spot and derivative sentiment continues to erode MVRV recovery chances.

Unless ETH reclaims 1.90 on the MVRV, a broader rally or altcoin season remains unlikely.

What comes next？

As observed above, Ethereum is at a crossroads.

Buyers‘ momentum is weakening while profit-taking is rising. With MVRV sitting around 0.7 points below the potential bull market, while it’s losing momentum, ETH risks a downside move.

Therefore, if these conditions continue, we could see ETH drop on its price charts to around $2323.

Should MVRV stay above 1.03, ETH might retest $2,700. Still, for a full-fledged breakout, MVRV must climb back toward 1.90.

Historically, bull market tops have occurred between 2.9 and 3.4, meaning ETH remains undervalued for now.