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The MVRV indicator of ETH has dropped to 0.87, a new low since December 2022.
According to Jinse Finance, data from the on-chain data analysis platform IntoTheBlock shows that the market capitalization to realized value ratio (MVRV) of Ethereum has dropped to 0.87, the lowest level since December 2022. MVRV is an important indicator for measuring market sentiment in encryption assets, and the current value may suggest that ETH is in a relatively undervalued range.