The price of Ethereum has recently dropped below the $3,000 mark, causing significant losses for investors and invalidating a bullish pattern. This decline has led to a surge in realized losses and has made the $3,000 level a point of concern. Many investors are selling off their positions and waiting on the sidelines for signs of a market rebound. However, Ethereum's MVRV Ratio suggests that it is not overvalued and there is room for further gains. This could lead to investors accumulating more ETH at the low prices, viewing the dip as a buying opportunity. Confidence in Ethereum's long-term value could support a strong recovery once market conditions improve. To initiate a rebound, Ethereum needs to reclaim the $3,000 level and potentially flip the $3,028 level into support. If it fails to hold above $2,698, it risks falling further and potentially entering a longer period of consolidation.



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