Ethereum appears undervalued according to on-chain metrics, but analysts warn of further downside. CryptoQuant analyst Burak Kesmeci notes Ethereum's MVRV ratio has dropped to 0.9, signaling that ETH is approaching a historical buying zone.
However, past cycles show MVRV can fall to 0.5 or lower during deep bear markets. The Realized Price Bands metric suggests ETH could drop to $1,152-over 40% below current levels-before bottoming.
Meanwhile, Polymarket prediction data shows a 57% chance that Ethereum loses its status as the second-largest cryptocurrency by market cap. Currently valued at $2,090 with a $253.1 billion market cap, ETH remains far ahead of BNB, the next closest non-stablecoin asset at $89 billion.