Ethereum (ETH) remains in a stable consolidation phase after its recent pullback from the $4,000 zone, according to new CryptoQuant on-chain data. The asset is currently trading around $3,886, down 3.6% on the week, but still comfortably above its Realized Price of $2,318, a level analysts identify as Ethereum’s long-term fair value line.
CryptoQuant’s “Realized Price Bands” chart shows ETH continuing to hold well above this key threshold, confirming that most holders remain in profit. Analyst TeddyVision emphasized that dips below this level have historically marked moments of extreme fear or capitulation, while trading above it suggests continued confidence and structural stability in the market.
Market Metrics Show Confidence, Not Euphoria
Ethereum’s MVRV Ratio, which measures average holder profit relative to their cost basis, stands at 1.67, meaning investors are up roughly 67% on average. TeddyVision interprets this as a “healthy, not overheated” condition. “The market is profitable, but not euphoric,” he explained, adding that spot inflows have slowed while holders maintain profits without rushing to exit positions.
Data also shows ETH recently rejected the upper Realized Price Band near $5,300, a zone historically associated with overheating. The rejection suggests a natural cooling phase after strong distribution, a pause rather than a trend reversal. “This is a consolidation phase after distribution, a healthy cooldown without structural damage,” TeddyVision said.
Consolidation Over Correction
The broader on-chain picture supports that narrative. Despite reduced momentum from spot inflows, Ethereum’s fundamentals remain intact. Realized Price has trended steadily higher through 2025, indicating continued long-term accumulation. Volume data confirms that the majority of selling occurred from short-term traders taking profit rather than long-term holders exiting positions.
On CoinMarketCap, Ethereum’s market capitalization has climbed to $469 billion, with daily trading volumes of $44 billion, showing liquidity remains robust. The consistent trading range near $3,900 suggests buyers are defending higher lows, a pattern that often precedes renewed upward movement once liquidity returns.
Conclusion: Healthy Market, Cooling With Conviction
Ethereum’s current pullback appears less like a reversal and more like a natural digestion phase after a sharp rally. As long as ETH holds above the $2.3K Realized Price threshold, the market’s bullish structure remains intact.
“Profit without greed, that’s conviction,” TeddyVision concluded. Ethereum’s fundamentals continue to signal resilience, and unless a breakdown below its Realized Price occurs, analysts see this cooling phase as a setup for the next sustained leg higher.