TL;DR
- CryptoQuant says Ethereum is trading about 17% below its realized price, a level that has historically aligned with long-term undervaluation.
- Several onchain metrics are improving against Bitcoin, but only two of five major bottom indicators have reached historical reversal levels.
- Growing staking participation, lower exchange balances, and renewed institutional accumulation continue to strengthen Ethereum’s long-term fundamentals despite short-term uncertainty.
Ethereum is drawing renewed attention as investors evaluate whether Ethereum is finally approaching a lasting bottom against Bitcoin. The latest findings from CryptoQuantsuggest that valuation metrics are becoming increasingly favorable, although the data indicates the recovery process is still incomplete.
Ethereum is cheap, but the data says the bottom isn’t in yet.
ETH trades 17% below its realized price, but only two of five signals have reached historical bottoming levels.
Selling pressure is easing. Capitulation is still missing. pic.twitter.com/lYIfHpslsl
— CryptoQuant.com (@cryptoquant_com) July 23, 2026
While market sentiment has improved in recent weeks, analysts argue that confirmation of a new cycle will require additional onchain signals before Ethereum can clearly outperform Bitcoin on a sustained basis.
Is Ethereum Bottoming Out Against Bitcoin?
According to CryptoQuant, Ethereum currently trades around 17% below its realized price, estimated near $2,300. The realized price reflects the average acquisition cost of coins across the blockchain and has historically served as an important indicator of market valuation. When ETH trades below this level, previous cycles have often entered accumulation phases before broader recoveries emerged.
The firm’s report also highlights improving relative strength versus Bitcoin. Ethereum’s Market Value to Realized Value (MVRV) ratio has cooled significantly from previous overheated conditions, exchange inflows have slowed, ETF holdings have started recovering, and ETH/BTC spot trading volumes have returned to levels that previously appeared near important market turning points.
However, only two of CryptoQuant’s five historical bottom indicators currently signal conditions comparable to previous cycle lows. The remaining metrics continue moving in the right direction but have not yet reached the extreme readings that typically confirm a completed market bottom.
Onchain Fundamentals Continue To Improve
Beyond valuation data, Ethereum’s network fundamentals remain constructive. Exchange balances continue trending lower as investors increasingly move coins into self-custody or staking rather than leaving them available for immediate trading. Although exchange withdrawals alone do not prove accumulation, they generally reduce potential short-term selling pressure.
Staking activity also continues expanding. Roughly 34% of Ethereum’s circulating supply is now locked in staking, limiting liquid supply while strengthening network security. If demand continues recovering alongside reduced available supply, these conditions could gradually support price stability.
Institutional interest also remains visible. Corporate treasury strategies focused on Ethereum have expanded during recent months, with companies such as BitMine Immersion Technologies continuing to accumulate substantial ETH positions despite recent unrealized losses. This behavior reflects growing confidence in Ethereum’s long-term role within the digital asset economy.