Ethereum is approaching a market bottom against Bitcoin, according to data from CryptoQuant. The firm notes that Ether is currently trading below its realized price — a level that historically has marked undervaluation. Onchain indicators show selling pressure is easing and demand is starting to recover, though a clear cycle bottom hasn't yet been confirmed.
What the onchain data shows
CryptoQuant's analysis points to several metrics that suggest the worst of the selloff may be behind Ethereum. The realized price — the average cost basis of all ETH moved onchain — sits above the current spot price. That gap typically signals that short-term holders are underwater, a condition that has preceded past bottoms. At the same time, exchange inflows have slowed, and accumulation addresses are growing. The data paints a picture of a market that's exhausted sellers but hasn't yet flipped decisively bullish.
Why a definitive bottom matters
Calling a cycle bottom is notoriously tricky. CryptoQuant itself stops short of declaring one. The firm says the indicators are moving in the right direction but haven't converged into a clear signal. For traders, that ambiguity means the risk of another leg down remains. Ether's price relative to Bitcoin has been in a downtrend for months, and a true bottom would likely require a period of sustained relative strength — something that hasn't materialized yet.
What comes next
The next few weeks will be telling. If onchain demand continues to pick up and Ether can reclaim its realized price, the case for a bottom strengthens. If selling pressure returns — from large holders or macroeconomic shocks — the recovery could stall. CryptoQuant's data gives the market a reason to watch closely, but not to celebrate just yet.
