Ethereum Price Still Has Room to Fall

CryptoQuant, an onchain analytics firm, has issued a warning about Ethereum's (ETH) price. According to their analysis, ETH is currently trading around 17% below its realized price. However, this does not necessarily mean that the market bottom has been reached.

CryptoQuant notes that only two of five historical bottoming signals have been triggered, indicating that the market bottom is still uncertain. They also report that selling pressure is easing but capitulation is still missing, suggesting continued downside risk for ETH price and caution for crypto, DeFi, and token performance observers.

Despite being 'cheap', Ethereum's price is not yet confirmed to be at a historical low. CryptoQuant emphasizes the importance of waiting for further confirmation before making any investment decisions.