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ETH 
LDO Analysts predict that LDO tokens will rebound by 1700% from long-term support
Cryptocurrency analyst Crypto Patel said on August 6 that Lido DAO's LDO tokens may rebound by more than 1700% after falling nearly 94% from their all-time high.
The market observer believes that the LDO is currently in a high-risk accumulation area, but warns that the bearish structure of the token remains unchanged until the main resistance level is regained.
LDO tests multi-year support after a sharp sell-off
Crypto Patel's analysis on the X platform pointed out that LDO has entered long-term demand areas after falling from a peak of about US$4 in the previous cycle. He wrote: "After a 94% plunge, everyone forgot LDO. The long-term rebound potential from here could exceed 1700%."
The token is currently trading at approximately US$0.29, close to the accumulation range proposed by analysts between US$0.275 and US$0.24. He said that LDO is still in a multi-year downward channel, and price movements are still showing lower highs and lower lows. If the weekly close below US$0.23, the current trend will be denied; a breakthrough of US$0.47 will be needed to signal a possible trend change.
The token's recent weakness is related to concerns raised by Ethereum's proposed EIP-8361 proposal. Developer Jerome de Tychey said on August 5 that the proposal aims to prevent unlimited growth in pledges. Analyst Ted Pillows believes that the decline in LDO is likely to be related to market concerns that lower ETH pledge rewards will reduce demand for liquid pledge tokens such as stETH.
"LDOs were sold off due to concerns about Ethereum's EIP-8361 proposal," Pillows wrote on X. He added that the proposal was still in the early drafting stages and was still a long way from any possible implementation.
Lido also needs to deal with changes in Ethereum pledge conditions. It was reported last month that the platform began transferring approximately $16 billion worth of pledged ETH to a larger Post-Pectra validator, with the idea of having Lido designated node operators stop running thousands of the same 32 ETH validators and merge them into fewer and larger validators.
Rationale for a long-term bottom
The LDO is currently about 25% higher than the low of $0.235 hit on June 25, which replaced the previous bottom and became the lowest point in its five-year trading history since its launch in 2021 (a historical high of nearly $7.30 at launch).
According to CoinGecko data, LDO has fallen nearly 18% in the past seven days, and has fallen by about 27% in the past two weeks. In addition, trading volume was approximately US$50 million, down 43% from the previous day.
The bullish view depends on whether the LDO can regain its position above $0.47 at the weekly close, which has turned from support to resistance after falling below in 2024. From there, Crypto Patel set targets of $1.50,$2.50, and eventually returned to near the token's old-cycle high of about $4, a trend that would produce the kind of increase he described. He pointed out that Lido's continued leading position in the Ethereum liquidity pledge field and the decline in the supply of tokens to be unlocked are reasons why this trend may hold true if ETH can return to above US$3000.
