Ethereum's price fell below $3,000 on December 16, 2025, with on-chain data indicating potential undervaluation. The MVRV Z-score, a key metric for assessing market value, currently ranges between 0 and 2, suggesting ETH may be undervalued. Following the Pectra upgrade in May 2025, the score increased from -0.1 to nearly 2 as prices rose. After the Fusaka upgrade on December 3, the score reached 0.47. Ethereum continues to dominate the tokenized assets market, holding $119 billion in total value locked (TVL), which accounts for 65.9% of the market share. These metrics, combined with the current price trends, indicate a potentially bullish outlook for Ethereum in 2026.