The price of Ethereum has declined sharply in recent weeks, losing around 30% of its value in a short period of time. While this may appear concerning at first glance, many analysts suggest that this phase could historically represent an interesting opportunity for long-term investors. When assessing market movements like these, experts look beyond price action alone and focus on so-called on-chain data. This data reflects what is actually happening on the Ethereum network itself, independent of short-term market sentiment. One widely used indicator is the MVRV Z-Score. This metric compares Ethereum‘s current market value with the average price at which existing coins were last moved. At present, the indicator stands at -0.42, suggesting that Ethereum is undervalued by historical standards. During previous market corrections, such as the Covid crash in 2020, the market bottom in 2018, and the major correction in 2022, this indicator reached similar levels. In hindsight, those periods marked moments where the foundation for long-term recovery was formed. Importantly, Ethereum‘s underlying fundamentals have remained largely unchanged. Network activity continues, development progresses, and the broader ecosystem keeps expanding. In other words, while the price has declined, the technology and usage remain strong. Some analysts note that short-term price volatility may still occur due to macroeconomic uncertainty or temporary liquidity constraints. However, these factors are generally viewed as short-term noise rather than signals of structural weakness. In summary, many market observers see the current phase as a period of revaluation. Ethereum appears historically undervalued based on multiple data indicators, while its fundamentals remain intact. In past cycles, similar conditions often coincided with moments when long-term investors began looking ahead, despite negative market sentiment.