Ethereum (ETH) is trading roughly 17% below its realized price of about $2,300, a level historically associated with long-term market bottoms. The ETH/BTC MVRV ratio has fallen from nearly 0.95 in August 2025 to around 0.65, indicating that Ethereum has become significantly cheaper relative to Bitcoin. According to CryptoQuant, only two of five key ETH bottoming indicators have reached historical reversal levels, suggesting the market bottom is not yet confirmed. This analysis comes as ETH briefly climbed above $1,950 this week and Bitcoin topped $67,000, buoyed by optimism surrounding the US CLARITY Act. Meanwhile, a record 34% of Ethereums circulating supply is now staked, while Tom Lee,Action Bitmine Immersion Technologies accumulated 325,000 ETH over a one-month period.
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