Ethereum is under heavy selling pressure as it loses the critical $2,000 level.
Concerns are growing as Ethereum fails to hold key support levels and tests long-term investor resolve.
The MVRV ratio is approaching a potential crossover above its 160-day moving average, signaling possible accumulation zones and offering hope for a momentum shift.
Bulls are defending the crucial $1,800 support level, which is crucial for preventing a potential deeper correction.