Ethereum has been trading below its cost basis of $2,300 since February, making it ‘cheap’ in market terms. Analytics firm CryptoQuant, however, warned that a durable market bottom may not have been reached yet. Three technical signals on the ETH/BTC ratio (exchange inflows, MVRV, ETF holdings) stand halfway from their historical bottom levels, suggesting a 38% drop risk from current $1,885 toward $1,150. Despite a record 33% of ETH staked, exceeding 40 million, the indicators do not yet confirm a definitive market floor.
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