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ethereum

Is the Ethereum Bottom Finally In? Analyst Believes The Worst Is Over

Ash Tiwari
by Ash Tiwari
6 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to crypto analyst Crypto Yoddha, Ethereum (ETH) may have finally reached its bottom. The analyst shared their insights on X, suggesting that the second-largest cryptocurrency by market cap could be on the verge of a trend reversal.

Is The Ethereum Bottom Finally In?

Crypto Yoddha shared a 10-day ETH chart indicating that the digital asset has likely bottomed for this cycle. To support this analysis, the analyst highlighted striking similarities between ETH’s current price behavior and its movement during the 2019–2020 cycle.

yoddha
Source: Crypto Yoddha on X

According to the analyst, Ethereum followed a similar price structure in its previous cycle before embarking on a bullish rally that surged 2,500%. The chart also suggests the completion of a WXY correction pattern from Elliott Wave Theory, a three-wave corrective structure that often precedes trend reversals.

Related Reading: Crypto Analyst Identifies ‘Most Important’ Ethereum Support Level – Where Is ETH Headed?

For the uninitiated, The WXY corrective pattern in Elliott Wave Theory is a three-wave correction where W and Y are corrective moves, and X connects them. It’s a more complex version of an ABC correction, making price movements last longer before the trend continues.

The analyst further emphasized that breaking the $4,600 resistance level is crucial for ETH to sustain its bullish momentum. If ETH clears this hurdle, it could replicate its previous cycle’s trajectory, potentially rallying to $10,000–$13,000.

Crypto Yoddha’s sentiments were echoed by fellow crypto trader Mister Crypto. The analyst shared the following chart, saying that ETH has bottomed and a ‘big reversal’ is likely to happen soon.

mister
Source: Mister Crypto on X

ETH Price Mirroring Its Previous Market Cycle

A group of seasoned crypto traders, Shuarix, also weighed in on ETH’s price behavior. They compared ETH’s current structure to its 2020 price action during the COVID-induced market crash.

Related Reading: Ethereum Crosses $3,400 As Trump’s World Financial Liberty Buys More ETH

According to Shuarix, ETH recently experienced a false breakout from a symmetrical triangle pattern, followed by a major pullback. They believe this setup could lead to a strong rally, as the market shakes out so-called “weak hands.”

shuarix
ETH’s current price action bears great resemblance with that during the 2020 market cycle | Source: Shuarix on X

They added that bearish sentiment surrounding ETH currently is at a level not seen since the year 2020. Indeed, on-chain data reveals that so-called ‘ETH whales’ – wallets with substantial ETH holdings – are starting to lose faith in the digital asset.

Besides the large investors showing diminishing trust in ETH, the Ethereum staking percentage has also crashed from the highs of November 2024. At press time, ETH trades at $2,644, down 3.5% in the past 24 hours.

ethereum
ETH trades at $2,644 on the daily chart | Source: ETHUSDT on TradingView.com
Featured Image from Unsplash.com, charts from X and TradingView.com
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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