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cryptoJul 24, 2026, 11:50 AM

Ethereum Nears Cycle Bottom vs Bitcoin, Reversal Unconfirmed: CryptoQuant

Ethereum is trading 17% below its realized price, approaching historical bottom levels against Bitcoin. However, only two of five on-chain metrics have reached prior cycle floor zones, and analysts say a reversal is not yet confirmed.

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According to CryptoQuant analysts, Ethereum has approached a market cycle bottom relative to Bitcoin, but a definitive reversal has yet to be confirmed. The asset is currently trading 17% below its realized price — the average acquisition cost of all ETH in circulation.

Of the five on-chain metrics examined, only two have reached levels seen at previous cycle lows. While selling pressure appears to be easing and Ethereum's staking ratio has risen to 34%, the Market Value to Realized Value (MVRV) ratio remains above values historically associated with bottom zones.

Analysts note that a final capitulation by market participants has not yet been observed, suggesting further downside or consolidation may be needed before a sustainable uptrend emerges.

Source: ForkLog