Ethereum May Be Undervalued But Bottom Signals Remain Elusive

CryptoQuant has sounded a cautionary note regarding Ethereum's current market dynamics. According to their analysis, Ethereum is currently trading 17% below its realized price, indicating that it may be undervalued.

However, the lack of capitulation among sellers means that the market is still vulnerable to additional downward pressure. This mixed sentiment raises concerns over the potential for further declines in the near term.

Ethereum's trading activity is characterized by subdued volumes and a cautious attitude among traders. While selling pressure is easing, key resistance levels around $2400 and support levels near $1800 remain focal points for market participants.