Ethereum struggles near cycle bottom as demand flickers against Bitcoin

Ethereum is currently trading under its realized price, a classic signal that the asset is deeply undervalued. CryptoQuant analysts are watching the ETH-to-BTC ratio closely as the second-largest coin attempts to find its footing after months of being outperformed by Bitcoin. While the selling pressure is finally cooling off, the bulls haven't officially taken control of the tape yet. Onchain data shows a slight uptick in demand, but it isn't the explosive surge needed to confirm a definitive trend reversal. Current holders are sitting on unrealized losses, which often marks a psychological floor in previous market cycles. This lack of immediate momentum puts the burden of proof on the developers and institutional buyers to spark the next leg up. If Ethereum fails to hold these levels, the wait for a true market bottom might stretch well into next quarter. Will the upcoming network data be enough to decouple Ether from Bitcoin's shadow?