Ethereum staking has reached a record high, with about 37.1 million ETH staked, suggesting that validators are locking their coins for the long term even as the market faces selling pressure. Still, observers question whether this development signifies a genuine price bottom or merely a sell-the-news event.
On-chain data offers some insight. Historically, Ethereum’s MVRV ratio dropping below 0.80 has signaled a market bottom, and it currently sits at 0.78, implying the token may be undervalued alongside a deeply oversold RSI. Taken together with Tom Lee’s six indicators that have historically aligned with rebound-worthy price levels, the bottom thesis gains traction, pointing to a potential bottom around $1.8k–$2k. For Ethereum to form a bottom, the order book would need to tilt toward bids.
Despite risk-off sentiment, staking data remains supportive: roughly 37.1 million ETH are staked—about 31% of the total supply—indicating strong long-term commitment from validators. In addition, nearly 190,000 ETH moved off exchanges this week, reducing available ETH on exchanges to a two-week low of 16 million and suggesting a supply squeeze could be underway. However, substantial selling persists: ETFs have offloaded 563,600 ETH over the past five weeks, and a whale sold $47.77 million worth of ETH, underscoring ongoing demand challenges and making a confirmed bottom feel premature.
With weak technicals, persistent selling, and macro headwinds, ETH’s ability to hold above $1.8k remains uncertain, reinforcing the view that the bottom thesis may resemble a sell-the-news scenario rather than a guaranteed reversal. Still, on-chain metrics and the highlighted indicators keep the door open for a potential stabilization near the $1.8k–$2k zone.
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