Ethereum Bear Market May Be Bottoming Out Around $7K
Pseudonymous trader NoName believes Ethereum's bear market has reached its bottom. He bases his claim on four straight lower highs that have pushed price into the $1,300 to $1,900 range, a zone where the network's past downturns have historically ended.
NoName notes that ETH at $4,900 was a favorite among traders, but ETH under $2,000 is now seen as a dead chain. He argues that this change in sentiment marks a psychological bottom rather than a technical one.
Other signals support NoName's view. A bullish crossover in Ethereum's MVRV ratio against its 160-day moving average has been observed by chartist Ali Martinez. This setup has preceded several major recoveries in the past, marking the end of distribution phases.
The world's second-largest cryptocurrency is still trading below $2,000, and needs to reclaim this level to build any further push upwards. Despite this, some traders are buying into the dip with a long-term target of $7,000.