Ethereum (ETH) has registered a severe 15% drop in the last week, bringing its price to $3,397 this November 6th. Despite the bearish sentiment, a key indicator analyzed by Santiment suggests the correction could be nearing its end. The Ethereum MVRV ratio in opportunity zone has been reached for the first time in five months, a level that historically precedes bullish reversals.
The Santiment analysis shows that Ethereum’s 30-day MVRV (Market Value to Realized Value) ratio has fallen into the -10% to -20% range. Historically, this zone is considered a turning point. It represents the moment when investors stop selling as losses deepen. Instead, they often begin to accumulate assets at discount prices, providing key support for a future recovery.
Furthermore, the Relative Strength Index (RSI) on the TradingView chart supports this optimistic outlook. The RSI is currently hovering near the 30.0 level, indicating that Ethereum is approaching oversold conditions. Assets near this threshold often experience reversals as selling momentum weakens.
The confluence of these two powerful indicators is what generates optimism. The last time the Ethereum MVRV ratio in opportunity zone was activated was five months ago. The fact that the RSI is simultaneously at oversold levels reinforces the possibility of a bullish reversal in the coming days. This “bearish exhaustion” scenario is crucial. It suggests that selling pressure is stabilizing and that buyers are beginning to re-enter the market.
Is $3,800 the Next Target if ETH Manages to Rebound?
For the recovery to materialize, Ethereum must overcome immediate resistance. The price, trading at $3,397 at the time of writing, must first break the barrier between $3,489 and $3,607. If buying momentum aligns with technical indicators and breaks that zone, the next clear target is $3,802. This $3,800 level previously acted as critical support, so reclaiming it would be a very strong bullish signal for the asset’s economy.
However, the bullish thesis depends on the current support holding firm. If investor sentiment weakens and Ethereum loses the $3,367 support, the scenario will change. A break below that level could invalidate the immediate bullish outlook. This would open the door for a drop toward $3,131 and prolong ETH’s consolidation phase.
