Figure 1: MVRV Z-Score effectiveness may be reduced due to diminishing volatility. View Live Chart 🔍 Peaks in the red zone signal overvaluation, suggesting optimal profit-taking opportunities.

Ethereum MVRV-Z Score chart. Source: Glassnode In past cycles, Ether’s MVRV Z-Score dipped into this green zone in late 2018, March 2020, and mid-2022.

A short-term pullback toward $114K–$115K may retest former resistance as support. The MVRV Z-Score remains well below historical peak levels, signaling BTC’s rally still has room to run.

By standardizing this ratio using Bitcoin’s price volatility (measured as the standard deviation), the Z-Score highlights periods of overvaluation or undervaluation relative to historical norms.