Ethereum Nears Cycle Low Against Bitcoin But Bottom Not Confirmed

CryptoQuant analysts have been tracking Ethereum's on-chain signals and believe it is nearing its cycle low against Bitcoin. However, they emphasized that a definitive bottom has not yet been confirmed.

Ethereum trades at a 17% discount to its realized price, which is currently around $2,300. Historically, periods of undervaluation have signaled proximity to a market reversal. Since mid-May, Ethereum has traded in the $1,500-$2,000 range.

CryptoQuant reviewed five key metrics and found that only two have reached levels seen near past lows: the price-to-realized-price ratio and the relative spot trading volumes of Ethereum versus Bitcoin. The latter metric fell from 1.75 to 0.5, indicating weakened speculative interest in Ethereum.