"counterbalance by" is correct and usable in written English.
You can use it to describe a situation where one factor is balanced by another one. For example, "The high cost of living in that city was counterbalanced by its high salaries for skilled workers."
Vietnam and other members of the Association of Southeast Asian Nations are deeply concerned about China's growing assertiveness in the region and are looking to the US to serve as a counterbalance by stepping up its traditional role as a guarantor of security in the Asia-Pacific.
(This is so depressing that I need to counterbalance by writing about the play ethic).
The small sample size is a limitation that we tried to counterbalance by the statistical methods chosen.
Thus, the endometrium in women with PCOS tends to remain in an estrogen dominant proliferative state due to the lack of counterbalance by progesterone [5], [13].
This is related to increased proinflammatory type-1 response and inadequate counterbalance by type-2 response, leading to more severe disease and deregulated development of long-lived memory T cells.
On the other hand, the observation that decreased endometrial GLUT4 expression by P4 stimulation is surprising, especially because the endometria in PCOS patients tend to remain in a proliferative state due to the lack of counterbalance by P4 [44].
It is always counterbalanced by the other party's bounce.
Their farcical waddle is oddly counterbalanced by their elegant attire.
But the positives were counterbalanced by many negatives, experts said.
But it was counterbalanced by human interaction, and that counterbalance was essential.
without being counterbalanced by effete intellectual snobs from my current home (New York).
