With the recent market rally, it's difficult to remember that Ethereum's (CRYPTO: ETH) price is still down more than 60% from its all-time high of around $4,600. So despite gaining some serious momentum and increasing more than 40% to start off 2023, Ethereum is still in the depths of crypto winter.

But there are reasons to believe that this winter is beginning to thaw just like others in the past. And that's why I am a heavy buyer at today's prices.

Two metrics factor into my conviction of buying this dip, and they both help us understand a simple but essential dynamic in Ethereum's price -- supply and demand.

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Source Fool.com