Ethereum Enters Extreme Undervaluation Against Bitcoin — Echoes of 2019?

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Ethereum Enters Extreme Undervaluation Against Bitcoin — Echoes of 2019？

According to the latest data from CryptoQuant, Ethereum (ETH) has entered a zone of extreme undervaluation versus Bitcoin (BTC)—a condition not seen since 2019.

The ETH/BTC MVRV (Market Value to Realized Value) ratio has dropped below the historical threshold that previously preceded strong ETH outperformance.

The chart shows multiple past occurrences—highlighted with red circles—where the ETH/BTC MVRV dipped into the green undervaluation zone. Each time, this marked key turning points where Ethereum began outperforming Bitcoin in subsequent months.

Currently, the ETH/BTC price hovers around 0.04, while the MVRV ratio has sunk well below its 365-day simple moving average.

CryptoQuant notes that historically, these levels provided favorable asymmetric opportunities for ETH bulls.

However, the analysis also comes with a cautionary tone. Despite the undervaluation signal, “supply pressure, weak demand, and flat activity” could delay or prevent a swift rebound. Without a surge in network usage or capital inflows, Ethereum could remain suppressed—even at attractive valuations.