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BTC 
ETH Markets have pulled back sharply, investors are looking forward to a rebound
Bitcoin and altcoins have experienced a sharp decline since October last year. With BTC falling to $57,000 and Ethereum to $1,400, investors are eagerly awaiting a price recovery.
At this critical juncture, investors pay close attention to online data, and CryptoQuant analysts have also released the latest analysis on Ethereum.
Ethereum's valuation is low, but the bottom has not yet been confirmed.
According to a recent report from online analysis platform CryptoQuant, Ethereum's current price is relatively cheap, but the data shows that the bottom has not yet arrived.
CryptoQuant analysts believe that ETH has fallen to a more attractive valuation level than Bitcoin. However, despite the fall in prices, the classic "capitulation selling" has not yet occurred in the market, so it is too early to say that a bottom has formed.
The report pointed out that the valuation ratio of Ethereum to Bitcoin has dropped to a historical low, which may provide important opportunities for long-term investors. But online data suggests that Ethereum has not yet reached bottom.
Interpretation of Key Indicators
The report first mentioned that ETH is currently trading at a price below its cost basis. The current ETH is around US$1,900, which is about 17% lower than the actual price of US$2,304 and is in the lower half of the current price range. Analysts said this area has historically been associated with market bottoms and asymmetric rallies.
Second, ETH's valuation relative to Bitcoin has shifted from overvalued to roughly neutral. The MVRV ratio of ETH/BTC peaked at approximately 0.95 in August 2025 and has since dropped to approximately 0.65. However, the ratio is still above the threshold of approximately 0.45 during historical ETH lows.
Third, relative selling pressures are weakening. The ETH/BTC inflow rate has dropped from above 1.5 in August 2025 to approximately 0.8, which reduces downside risks. But the indicator remains below the low selling pressure area of about 0.4 during previous lows.
Fourth, institutional demand has turned for the first time in a year. The ETH/BTC ETF asset ratio dropped from approximately 0.20 in August 2025 to approximately 0.115 in June 2026. During this period, institutional investors preferred Bitcoin to Ethereum. However, since the end of June, the ratio has rebounded to 0.13, indicating that institutional interest in Ethereum is rising again. However, in terms of supporting ETH rise, this level is still low.
Analysts also added that online data showed that investors 'panic selling was not as intense as in past bear markets.
Macroeconomic factors cannot be ignored
Finally, we need to keep in mind that whether Ethereum really hits bottom is not only affected by on-chain data. Macroeconomic development also plays an important role. Factors such as the Federal Reserve's interest rate policy, dollar liquidity and ETF inflows all have a significant impact on prices.
This article does not constitute investment advice.
