Ethereum's MVRV ratio has climbed back above 1.00 for the first time in 200 days, showing average holders have returned to profit as the token trades near $2,500. But a whale's $408 million exit and a hacker's Bitcoin-to-Ether swaps are adding fresh selling pressure just as bulls try to hold the level.
Ethereum traded at $2,508.45 after a 4.1% gain in 24 hours, pushing above the $2,500 resistance level it has struggled to reclaim since February 2026. The token's RSI had reached overbought territory and is now easing back into the 60-70 range, a pattern that suggests strong bullish momentum.
Ethereum holders swing back to profit
Ethereum's MVRV ratio, which measures whether holders are sitting on an average profit or loss, stayed below 1.00 for 200 consecutive days before moving back above that level on August 21, 2026, according to CryptoQuant data. The shift came as ETH recovered above its realized price of around $2,300.
Crossing above MVRV 1.00 does not guarantee further gains, however, because the realized-price zone can initially trigger selling pressure. As a result, ETH now needs to hold above $2,300 to keep the average holder in profit — someone who bought at $4,000 would still be underwater near $2,404, while a buyer at $1,500 remains solidly in the green.
Whale exit and hacker swaps add pressure
A large Ethereum whale appears to have sold an entire 167,855 ETH position worth roughly $408 million over about five days, according to Lookonchain data. The wallet first collected the coins from multiple addresses before routing them to OKX, Binance, and Bybit.
At the time of reporting, about 70,739 ETH worth roughly $174 million had already reached exchanges, while some 97,115 ETH worth about $237 million remained in the wallet. This coincided with the Coldcard-linked hacker beginning to swap stolen Bitcoin for Ether through THORChain, moving about 10% of the stolen funds while the remaining 90% stays untouched.
ETF inflows keep hope alive
Spot Ethereum ETFs still recorded monthly inflows of $365.17 million in July, $1.85 billion in August, and $104.26 million in September to date. Yet with ETH's price having previously stalled near $2,458, bulls have not yet established $2,500 as solid support.
Source: AMBCrypto
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