Ethereum Approaches Bottom, But Key Indicators Not Yet Confirmed: CryptoQuant
CryptoQuant's latest analysis of Ethereum's on-chain data suggests that ETH is approaching its bottom, but it's not yet confirmed. According to CryptoQuant, Ether's valuation picture is looking more compelling relative to Bitcoin, with several indicators improving. However, only two out of five 'bottoming' indicators have reached historical reversal levels, while the remaining three are moving in the right direction but not yet at prior cycle lows.
CryptoQuant estimates that ETH is approximately 17% under its realized price, which is around $2,300. This level has historically aligned with periods of broad undervaluation and longer-term bottoms. However, the company cautions that only part of its indicator set has reached the extremes typical of fully confirmed cycle transitions.
Other indicators, such as ETH/BTC spot volume and exchange inflows, are also showing signs of stabilization. The ETH/BTC MVRV ratio has fallen sharply from nearly 0.95 in August 2025 to around 0.65, signaling that Ethereum has become materially cheaper relative to Bitcoin.
Supply dynamics are also tightening, with staking participation rising and corporate accumulation increasing. Tom Lee's Bitmine Immersion Technologies, the largest corporate ETH holder, increased its holdings by 325,000 ETH over a one-month period despite sitting on large unrealized losses.