Where Is Ethereum’s Bottom? Analysts Weigh On-Chain and Technical Signals

Core Viewpoint - Ethereum (ETH) has experienced volatility, recently dropping below $3,000, prompting analysts to explore potential bottom scenarios for the cryptocurrency market [1][2]. Price Performance - Ethereum's price has declined by 1.67% in the last 24 hours, trading at $2,970.87 at the time of reporting [2]. - A successful move above the $3,000 to $3,050 range could lead to a target of $3,200, while failure to reclaim this area may result in new yearly lows [3]. Analyst Insights - A CryptoQuant analyst noted that the realized price of Ethereum accumulation addresses is rising and nearing the spot market price, indicating that large investors (whales) are accumulating rather than selling [4]. - The realized price serves as a strong support level for accumulation whales, suggesting that they are likely to defend this price zone by increasing buying activity [5]. - Estimates indicate that even with further declines, a potential bottom for Ethereum could be around $2,720, representing a 7% difference from the current price [6]. Technical Analysis - Trader Kamran Asghar identified that ETH has formed its third "huge weekly rounded bottom," which historically has been followed by price rallies, indicating potential upside [6]. - Other analysts, including Bit Bull, have observed a double bottom structure and an inverse head-and-shoulders pattern on the monthly chart, both of which are considered bullish reversal signals in technical analysis [7].