Eseandre Mordi
Ethereum (ETH) is testing a crucial support threshold that could determine whether it maintains its bullish structure or slides into a deeper correction in the coming weeks.
Ethereum Testing Key MVRV Pricing Band
According to analyst Ali using Glassnode's MVRV Extreme Deviation Bands, Ethereum is trading around $3,849 as of October 31, 2025, dangerously close to the mean level at $3,950.
This model tracks ETH's market price against its on-chain realized value to identify when the asset is overvalued or undervalued. If ETH loses support above $3,950, two major zones could come into play: the -0.5σ band at $2,871, where investors have historically accumulated, and the deeper -1.0σ band at $2,533, which has marked strong value opportunities in past cycles.
What This Means for Market Sentiment
When Ethereum trades near upper bands, it signals overheated conditions, while dips below -1σ have historically attracted buyers. The recent pullback from $4,200–$4,300 reflects cooling momentum after a solid mid-year run. Now sitting at the mean, the market is in wait-and-see mode, with buyers hesitant to commit without clearer directional confirmation.
Broader Market Context
On-chain activity shows steady but not accelerating volumes, pointing to cautious behavior. Meanwhile, rising U.S. bond yields and dollar strength have pressured crypto assets. However, Ethereum's fundamentals remain solid with growth in staking and institutional ETF interest, providing potential longer-term support. Holding $3,950 could reignite bullish confidence, while losing it might trigger a slide toward $2,870 or $2,530.
Eseandre Mordi
