Ethereum prices surged past the $2,000 mark recently, fueled by investor interest amidst stability in the global financial markets. While Bitcoin also hit new highs, reaching $100,000, experts are closely watching for signs of a potential shift to bearish market conditions. This is due to a decline in on-chain activity alongside a weakened MVRV ratio. 24-hour trading activity saw over $175 million worth of Ethereum positions liquidated, with more than $27 million in positions closed by buyers and nearly $148 million by forced sellers. 18% jump in open interest signals increased buying sentiment. However, the current rise is not without its skepticism as the MVRV ratio has dropped to a level indicating many investors are selling at a loss.