Does Vitalik sell the bottom? Analyst Spots Huge ETH Buying Opportunity

If history rhymes, here are the best ETH entry levels for the long term.

While it has managed to defend that level for now, it is still trading 45% lower than its mid-January peak. Significant sell-offs have occurred as a popular analyst outlined what could be valid entry points for long-term exposure.

Sale continues

If we compare the price of ETH to the net inflows into spot Ethereum ETFs, we will see a strong similarity in investor behavior and price movements. For example, cumulative net flows peaked at over $15 billion in early October, before the massive crash of October 10. Since then, outflows have consistently dominated, with investors withdrawing more than $3 billion by February 24.

Moreover, Ethereum’s co-founder has also joined the selling wave. CryptoPotato has reported on several occasions about Vitalik Buterin’s significant selling of ETH tokens in recent weeks. The latest on-chain data shows that he dumped around 17,000 ETH, worth around $34 million, in less than a month.

In a post titled “Vitalik Buterin Sells Ethereum Near the Bottom,” noted analyst Ali Martinez said explained why the co-founder might regret his timing as the bottom might be closer than expected.

ETH entry points

Martinez said one of the most reliable “bottom detection metrics” for the largest altcoin – the MVRV ratio – currently stands at 0.78, while the asset has reached or is approaching a macro bottom at levels below 0.80.

However, his disclaimer indicated that just because Ethereum is currently undervalued according to on-chain metrics, it doesn’t mean its price can’t get lower – “especially during heavy distribution phases.”

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If another correction were to occur, the analyst outlined the most critical levels that could stop its demise – $1,800 (which was tested yesterday), followed by $1,584 (first major support below), $1,238 (secondary macro support) and $1,089 (deeper capitulation zone). Martinez believes these precise levels could be good entry zones.

“If history rhymes, an accumulation below $1,800 – especially around $1,584, $1,238 and $1,089 – could provide strong long-term positioning. But volatility is likely to persist before a confirmed bottom emerges.”