Ethereum's 'Cheap' Price May Not Mean It Has Hit Bottom Yet

Ethereum's price has been considered 'cheap' since February when it fell below its overall cost basis of $2.3K, resulting in more holders being at a loss and reduced selling pressure.

However, crypto analytics firm CryptoQuant cautions that a durable bottom could still be elusive in the medium term.

According to CryptoQuant, a 2022 pattern based on the Realized Price Bands metric suggests that ETH may need to tag $1.15K before reaching a true market cycle bottom.