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Ethereum 2026: Is ETH Undervalued Based on MVRV Indicator?

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ETH
$2,983.800.29%
Ethereum price dipped below $3,000 on December 16, 2025, according to on-chain data. The MVRV Z-score shows ETH is undervalued, hovering between 0 and 2. After the Pectra upgrade in May 2025, the score was -0.1, rising to nearly 2 as prices climbed. Post-Fusaka upgrade on December 3, the MVRV Z-score reached 0.47. On-chain data also highlights Ethereum’s dominance in tokenized assets, with $119 billion in TVL, or 65.9% of the market. ETH price and on-chain metrics suggest a bullish trend for 2026.
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