Ethereum Hits Historic Lows at $1,900, But CryptoQuant Warns Bottom Not Yet Reached

According to CryptoQuant, Ethereum is trading around $1,900, approximately 17% below its cost basis, placing it at historically low valuation levels. However, on-chain data suggests the bottom has not yet been reached.

CryptoQuant analysts noted that while the ETH/BTC MVRV ratio has fallen from 0.95 in August 2025 to 0.65, it remains above the 0.45 threshold marking previous lows. Additionally, institutional ETF asset allocation for Ethereum reversed direction in late June 2026, rising to 0.13 from a June low of 0.115, signaling renewed but still modest interest from institutional investors.