Ethereum nears key level against Bitcoin

• Ethereum (CRYPTO:ETH) is approaching a long-term support level against Bitcoin (CRYPTO:BTC), according to CryptoQuant.
• CryptoQuant said several market indicators have yet to confirm that Ethereum has reached a bottom.
• The firm said investors should wait for stronger signals before calling a market reversal.

Ethereum (CRYPTO:ETH) is trading near a key level against Bitcoin (CRYPTO:BTC), according to market data analysed by CryptoQuant.

CryptoQuant said the ETH/BTC ratio is close to levels that have marked market bottoms in previous cycles.

CryptoQuant said key on-chain indicators have not yet confirmed that Ethereum has reached a market bottom.

The firm said investors should wait for more signals before expecting a lasting recovery, while Ethereum prices continued to track the broader crypto market.

Traders often use the ETH/BTC ratio and on-chain data to compare Ethereum's performance with Bitcoin and identify market trends.

At the time of reporting, Ethereum price was $1,878.94.