Ethereum Bottom Confirmed, Analyst Sees $7K Long-Term Price Tag

Pseudonymous trader NoName is calling for Ethereum to have reached its bear market bottom at around $1,900. He argues that the decline in price has followed a textbook downtrend pattern, with four consecutive lower highs. The same crowd psychology that made ETH a favorite trade at $4,900 is now working against it below $2,000.

NoName believes that the climb back up will likely be rough and points out that nothing about the Ethereum network changed during this time. This is more of a psychological phenomenon than a technical one, he claims.

Chartist Ali Martinez agrees with NoName's assessment, noting a bullish crossover in ETH's MVRV ratio against its 160-day moving average, which has come before several major recoveries in the past.

Meanwhile, Ethereum's 30-day funding rate average on Binance climbed roughly 0.00339, its highest reading in six months, with ETH trading near $1,920 at the time.