Ethereum Still Searching for Market Bottom

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Ethereum is trading at a discount to its realized price, but there could be a final capitulation, according to CryptoQuant.

“Ethereum is cheap, but the data says the bottom isn’t in yet,” said onchain analytics platform CryptoQuant on Thursday. ETH is trading around 17% below its realized price, “but only two of five signals have reached historical bottoming levels,” they added.

“Selling pressure is easing. Capitulation is still missing.”

ETH realized price – which is a measure of the average price at which every token currently in circulation last moved onchain – is currently at $2,300.

Historically, trading below the realized price signals holder losses that tend to exhaust sellers and mark bottoms.

ETH/BTC Metrics Still Not Bottoming
The analysts said trading below the aggregate cost basis means the marginal holder is sitting on losses, “which historically exhausts sellers and compresses downside.”

However, cheapness alone has never been sufficient since the timing of a bottom has depended on Ethereum’s position relative to Bitcoin. This can be measured by the ETH/BTC MVRV ratio, which has fallen from “extreme overvaluation to neutral,” but not to extreme cheapness.

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