Ethereum (ETH) has returned to focus after new market data pointed to a possible bullish setup. Analysts are tracking valuation metrics, treasury buying, and exchange flows as ETH tries to build on its recent rebound.

The latest discussion centers on Ethereum’s Market Value to Realized Value ratio, or MVRV, which has moved below 0.8. At the same time, Bitmine has expanded its Ethereum holdings, while Coinbase premium data has shown weaker demand from U.S. buyers.

Crypto analyst Ali Martinez said Ethereum may have entered a “generational buy zone” after the MVRV ratio dropped below 0.8. He linked that reading to earlier market bottoms that later led to strong recoveries.

Martinez also said Ethereum’s recent rebound was not random. He pointed to past cycles when similar retests were followed by rallies ranging from 149% to 587% after bottoms formed in 2018, 2020, and 2022.

Ethereum posted a 7% rebound on Monday and briefly reached $2,186. At the time of reporting, ETH traded at about $2,152, holding part of that recovery after bouncing from lower levels.

The setup has drawn attention because Ethereum remains far below its prior cycle peak. That has kept valuation models and recovery signals at the center of current market coverage.

Bitmine expands its Ethereum position

Arkham Research reported that Tom Lee’s Bitmine added $140.74 million worth of Ethereum over the past seven days. That pushed the company’s total Ethereum holdings to about $10.03 billion.

The report said Bitmine now controls around 3.86% of Ethereum’s circulating supply. Its stated target is to accumulate 5% of the supply, which would require further large purchases in the coming weeks.

Arkham also compared Bitmine’s pace with Strategy’s recent Bitcoin buying. While Strategy added about $76.6 million in Bitcoin this week, Bitmine’s Ethereum purchases were larger during the same period.

That treasury activity has added another layer to the Ethereum story. Market participants are now watching whether steady institutional buying can support price strength if broader demand improves.

Coinbase premium shows weak U.S. demand

CryptoQuant analyst Arab Chain said Ethereum’s Coinbase Premium Index fell to about -0.0149. That reading means Binance priced ETH above Coinbase, which points to softer demand from U.S. buyers.

The data suggests that global trading activity remains stronger than buying activity on Coinbase. It also shows that the recent rebound has not yet gained firm support from U.S. spot demand.

A negative premium often signals weaker appetite or selling pressure on Coinbase. If that gap remains in place, it may limit the strength of Ethereum’s recovery in the near term.

If the premium moves back toward zero or turns positive, it could signal stronger U.S. buying flows. That shift would give Ethereum another support factor as traders assess the next move.