“Ethereum is cheap, but the data says the bottom isn’t in yet,” said onchain analytics platform CryptoQuant on Thursday. ETH is trading around 17% below its realized price, “but only two of five signals have reached historical bottoming levels,” they added.“Selling pressure is easing. Capitulation is still missing.”ETH realized price – which is a measure of the average price at which every token currently in circulation last moved onchain – is currently at $2,300.Historically, trading below the realized price signals holder losses that tend to exhaust sellers and mark bottoms.ETH/BTC Metrics Still Not BottomingThe analysts said trading below the aggregate cost basis means the marginal holder is sitting on losses, “which historically exhausts sellers and compresses downside.”However, cheapness alone has never been sufficient since the timing of a bottom has depended on Ethereum’s position relative to Bitcoin. This can be measured by the ETH/BTC MVRV ratio, which has fallen from “extreme overvaluation to neutral,” but not to extreme cheapness.Additionally, the exchange inflow ratio has also dropped from over 1.5 to about 0.8 as selling pressure eased, but it hasn’t reached the ~0.4 low-pressure zone seen at past bottoms, they said.Spot volume ratios have also collapsed to levels last seen in ETH/BTC bottoms, but the three other signals are not there yet.CryptoQuant concluded that while ETH remains cheap, a “final bottom and the ETH outperformance that would follow may still take more time to form.”“ETH is approaching undervalued levels relative to Bitcoin, which points to lower downside pressure ahead.”Fundamentally, Ethereum remains strong with growing real-world asset tokenization and agentic AI payment narratives.“Ethereum has the characteristics that institutions need,” said Sharplink CEO Joseph Chalom on Thursday.“I don’t know a lot for certain in life, but I spent 20 years at BlackRock. And I know for sure, before you move financial rails that are 40, 50, 60 years old, you want it to move to something that’s trusted, always on, secure, with the most liquidity.”Sharplink resumed its Ethereum buying in late June, scooping up 10,000 ETH worth around $16 million.ETH Price OutlookDespite the bullish fundamentals, ETH prices have retreated this week. The asset has fallen back from a seven-week high of $1,950 on Wednesday to $1,860 in early Asian trading on Friday morning.ETH has lost almost 3% on the day but remains up 12% over the past 30 days. It needs to reclaim the $2,000 psychological barrier to measure any further momentum.The post Ethereum (ETH) Is Cheap, But Not at Bottom Yet: Analysts appeared first on CryptoPotato.