Ethereum is trading roughly 17% below its realized price , a level that has historically marked periods of deep undervaluation , yet only two of five key bottoming indicators tracked by CryptoQuant have hit the extremes associated with past cycle reversals. The finding, published in CryptoQuant's latest weekly report, suggests the second-largest cryptocurrency is approaching a floor against Bitcoin but has not yet confirmed it.

According to CryptoQuant, ETH is changing hands at approximately $1,876, while its realized price , the average onchain acquisition cost of all ETH in circulation , sits near $2,300. The resulting discount places Ethereum squarely in territory that has, over prior cycles, coincided with market bottoms and long-term accumulation zones.

The gap between ETH's market value and its realized value is also compressing relative to Bitcoin. CryptoQuant reported that the ETH/BTC MVRV (market value-to-realized value) ratio has slid from nearly 0.95 in August 2025 to roughly 0.65, indicating that Ethereum has become significantly cheaper on a relative basis over the past year.

Exchange inflows have declined, exchange-traded fund 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 noted in its report.

Despite the improving picture, the analytics firm cautioned that a definitive cycle bottom has not been established. Of the five onchain metrics CryptoQuant uses to gauge Ethereum's positioning relative to Bitcoin, only two have reached levels historically linked to reversals. The remaining three are trending in the right direction but remain short of the extremes that marked prior capitulation events.