Ethereum's MVRV (Market Value to Realized Value) ratio has decreased to 0.78, according to analyst @alicharts. Historically, an MVRV ratio below 0.80 suggests that Ethereum may be approaching a long-term bottom. Despite this indicator, the market remains in a phase of widespread distribution. If the selling pressure persists, @alicharts identifies potential support levels for Ethereum at $1,800, $1,584, $1,238, and $1,089. These levels could serve as critical points for traders to watch as the market evolves.