Ethereum nears market bottom against Bitcoin, though key signals remain unconfirmed: CryptoQuant

Ether is becoming increasingly attractive from a valuation standpoint, particularly relative to Bitcoin, but onchain data suggests the market has yet to reach a definitive cycle bottom, according to CryptoQuant.In its latest weekly report, the analytics company said Ether (ETH) is trading roughly 17% below its realized price, or the average onchain acquisition cost of all ETH in circulation, of about $2,300. Historically, ETH trading below its realized price has coincided with periods of market undervaluation and long-term bottoms.Ether is also showing signs of improving relative to Bitcoin (BTC). CryptoQuant said that ETH’s market value-to-realized value (MVRV) ratio has retreated from extreme overvaluation, exchange inflows have declined, exchange-traded fund (ETF) holdings have begun to recover after months of weakness, and ETH/BTC spot trading volumes have fallen into a range historically associated with market bottoms.CryptoQuant says two of five key ETH bottoming indicators have been confirmed. Source: CryptoQuantEven so, only two of CryptoQuant’s five bottoming indicators have reached historical reversal levels. The remaining metrics are improving but have yet to reach the e...