Ethereum's 'Cheap' Status Doesn't Guarantee Bottom Yet: CryptoQuant

Ethereum has been considered 'cheap' since February when its price dropped below $2.3K, leading to reduced selling pressure and downside risks.

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

The firm cites a 2022 pattern based on the Realized Price Bands metric, which suggests that ETH may need to tag $1.15K to confirm a final market cycle bottom.

This would imply a 38% drop from Ethereum's current price of $1,885.