Ethereum Price Forecast: ETH shows bottom signs but relative performance against Bitcoin not there yet
Ethereum price today: $1,860Ethereums decline to a yearly low against Bitcoin has sparked calls of an ETH bottom, which eventually expands into an altcoin season.However, ETH/BTC valuation metrics have yet to reach extreme levels that historically align with an ETH bottom.ETH risks a decline to $1,800 if it fails to bounce off the 20- and 50-day EMAs. Ethereum (ETH) is showing early signs of a market bottom relative to Bitcoin (BTC), but has to confirm several other key bottoming signals before an outperformance can be expected, according to CryptoQuant. In a report released late Thursday, the analyst at the on-chain analytics firm noted that Ethereum has underperformed Bitcoin for nearly a year, evidenced by the ETH/BTC ratio declining to 0.028, marking its lowest level since last August. ETH/BTC Ratio. Source: CryptoQuant Such conditions usually spike sentiment around a potential ETH bottom, which eventually expands into an altcoin season. “The question for investors is whether ETH is now cheap enough to mark a durable bottom – the precondition for ETH outperformance and, historically, for a broader altcoin season,” the analysts wrote. The report argued that Ethereum is closer to a market bottom with less downside risk compared to upside, as it is trading near $1,900, roughly 17%