Ethereum Bear Market Bottom Zone Reached: Long-Term Target $7K

Ethereum has reportedly reached the price zone where its bear market historically bottoms out, according to NoName, a pseudonymous crypto trader.

NoName argues that Ethereum's four straight lower highs demonstrate that the downtrend has run its course and that the same crowd psychology that made $ETH everyone's favorite trade at $4,900 is now working against it below $2,000.

The trader notes that Ethereum's decline through four descending peaks, $4,957, then $3,400, then $2,460, then $1,950, has pushed price into the $1,300 to $1,900 range, which is considered the eventual floor.

NoName believes that the climb back up will be rough and that Ethereum's long-term target is $7,000. He emphasizes that the reasoning behind this prediction is less technical than psychological, with the analyst noting that 'that's not logic, that's psychology, and psychology marks bottoms.'