The MVRV divergence indicates that staked ETH holders are experiencing around 20% more unrealized profits compared to circulating ETH, which maintains a ratio of 1.5. This gap reflects a stronger conviction among long-term stakers.
Ethereum has tested the $3,680 support level four times, showcasing resilience as investors accumulate. Despite a decrease in circulating ETH profits since August, the shift toward staking suggests a potential market reset is underway.
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