Two Of Five Indicators Signal A BottomSpeaking on the Milk Road Show on July 23, Moreno said Ethereum’s performance relative to Bitcoin can offer insight into the broader altcoin market because ETH remains the largest and most influential smart-contract platform.ETH is trading around $1,940, roughly 17% below its realized price, or the average cost basis of ETH holders, placing it in an undervalued zone. It is also closer to the lower end of its historical valuation range."When you go lower and near the lower band, the risk-reward ratio is much greater," he said.However, ETH’s discounted valuation alone is not enough to confirm that the bottom is in.Moreno described Ethereum as "cheaper, not capitulated," with only two of five valuation and demand indicators currently signaling a bottom.The five indicators include:
Ethereum’s price relative to its realized price
Its relative valuation against Bitcoin
Exchange inflows
ETF holdings and
