Ethereum's Price Below Cost Basis, But Durable Bottom Still Elusive

Ethereum's price has been below its overall cost basis of $2.3K since February, making it 'cheap' and reducing selling pressure.

However, CryptoQuant warns 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 a true bottom will only occur if ETH tags $1.15K.

This implies a drop of 38% from the current price of $1,885.