Has ETH/BTC Bottomed? Bitcoin May Lead for Now, While Ethereum Is 'Cheaper, Not Capitulated'

The article argues that Ethereum may be forming a relative bottom versus Bitcoin, but the evidence is not yet strong enough to confirm an ETH outperformance cycle. CryptoQuant’s Julio Moreno says ETH is trading in an undervalued zone, around 17% below realized price, and two of five key indicators have turned supportive, including realized price and depressed ETH/BTC spot trading volume. However, exchange flows and some valuation metrics remain only neutral, suggesting ETH is “cheaper, not capitulated.” The piece implies Bitcoin may continue leading in the near term, while Ethereum’s catch-up could take time. On Bitcoin, Moreno sees the market in the late stages of a bear cycle, but warns that a rebound could face resistance near $72,000 based on short-term traders’ realized price. Overall, the article is cautiously constructive for crypto risk sentiment, but does not signal a confirmed trend reversal.