Bearish ETH POV [1/3]

Ethereum's price is struggling alongside other altcoins, with its future dependent on maintaining critical support levels. If these levels fail, ETH could enter a prolonged bearish phase. Recent price action suggests Ethereum may be nearing the end of its current bull market cycle. The Market Value to Realized Value (MVRV) Long/Short Difference, a key indicator, has dropped significantly from a yearly high of 55% to 2.08%. This indicates that many long-term holders have exited profitable positions. If this trend continues and the MVRV turns negative, ETH could face a bear market similar to the one in 2022.

Investor, Trader, & Market analyst. 📊 Web3 explorer👾🟪 Degentleman🎩

 /smellcheckmate 🌐

You should see the yearly candle hahah ETH is so doomed if it doesn’t pump now