Ethereum's Discounted Price May Not Be the Bottom

Ethereum (ETH) is currently trading at discounted prices, but analysts from CryptoQuant say that the bottom may not be in yet. According to on-chain analytics, ETH's realized price, a measure of the average price at which every token currently in circulation last moved on-chain, is around $2,300. However, ETH's current price of approximately $1,878.73 is still 17% below its realized price.

The analysts pointed out that only two of five signals have reached historical bottoming levels. They also mentioned that selling pressure has eased but capitulation is still missing. To reach a bottom, ETH needs to meet more conditions, including reaching extreme cheapness relative to Bitcoin and dropping the exchange inflow ratio to around 0.4.

Despite this, Ethereum remains strong with growing real-world asset tokenization and agentic AI payment narratives. Joseph Chalom, CEO of Sharplink, believes that Ethereum has the characteristics that institutions need, citing its trustworthiness, security, and liquidity. Sharplink resumed its Ethereum buying in late June, scooping up 10,000 ETH worth around $16 million.

ETH's price has retreated this week, falling back from a seven-week high of $1,950 to $1,860. It needs to reclaim the $2,000 psychological barrier to measure any further momentum.