This chart is ETH(Ethereum) MVRV Z score chart. ETH price has peaked when it was more than 6.0. Conservatively, even though the tendency decreases to 4.0, in this cycle, it touched just 2.0. Therefore, I think ETH price has not bubbled yet.
The recent crash is most related to the uncertainty of the U.S. economy due to Trump's tarrif policy. When it is resolved, ETH price will likely recover.
I hope you are right. I think Trump and the US Government changes has added a "variable" we have not previously had to deal with. In general, economies are "smart," once the upheaval ends, people get back to the business of being in business.
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