In November 2022, following the fraud of FTX, ETH crashed to ~$1,100.
You do not need to calculate this yourself. Several platforms offer live and historical charts: Ethereum Mvrv Z-score
Ethereum today is not Ethereum of 2017.
Arbitrum, Optimism, Base transactions don't directly affect Ethereum's realized value unless ETH is bridged. So the metric misses real user growth on L2s. In November 2022, following the fraud of FTX,