According to CryptoQuant, Ethereum is trading approximately 17% below its realized price of about $2,300 this week, with only two of five key bottoming indicators having reached historical reversal levels, suggesting the market has yet to reach a definitive cycle bottom.
ETH's market value-to-realized value (MVRV) ratio has fallen from 0.95 in August 2025 to around 0.65, signaling improved valuation relative to Bitcoin. Meanwhile, exchange outflows have increased, with Binance withdrawals climbing to three-year highs in late June, while 34% of Ethereum's circulating supply is now staked, reducing available trading supply.