From on-chain valuation metrics, Ethereum is entering a historically significant accumulation zone. Data shows that ETH's MVRV ratio has fallen back to the 0.8-1.0 range, an area historically associated with undervaluation and accumulation phases. Previous entries into this zone have signaled major expansion phases, with returns in early cycles exceeding 130%, 280%, and even 5,000% and above.

Technical analysis indicates strong buying support near the $2,100 level, which has become the focal point of long-short dynamics. If this level holds and stabilizes, the market is poised to rebound toward the $2,200-$2,250 resistance zone; if it breaks down effectively, the structure will weaken and may further test the $2,000 psychological level.

On the long-term narrative level, Ethereum is experiencing a reshaping of its value capture logic. With the Glamsterdam upgrade approaching (raising the Gas limit to 200 million and introducing parallel execution), Ethereum is transitioning from a platform that "sells Gas" to a base trust layer that "sells secure settlement services." Staking and re-staking-driven baseline yields will replace Gas burn as the core driver of ETH valuation.

Key Points

· MVRV Signal: Entered the 0.8-1.0 historical accumulation range, undervalued.
· Key Support: $2,100 is the dividing line between longs and shorts; if held, watch for $2,200-$2,250.
· Long-term Narrative: Glamsterdam upgrade reshapes the value model, transitioning from Gas sales to secure settlement. $ETH