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BTC 
ETH Has the bear market bottomed out for Ethereum? Analysts see as much as $7000
Anonymous cryptocurrency trader NoName said that Ethereum prices have entered the price range of historical bear market bottoming, pointing out that four consecutive high points that have decreased in sequence prove that the downward trend has come to an end. This trader is buying on the downside with a long-term target of $7000. He believes that the same group psychology that made Ethereum popular at $4900 has now become its resistance below $2000.
Plot the bottom area
In a post posted on Friday, NoName listed Ethereum's downward path: four successively decreasing highs-$4957,$3400,$2460, and $1950, calling it a textbook downward trend. Each top is lower than the previous one, and traders said the sequence has pushed prices into the $1300 to $1900 range, which is considered the final bottom. This logic is based more on psychological aspects than technical analysis. Analysts pointed out that Ethereum was popular at $4900, but was called a "dead chain" after falling below $2000, although the network itself remained unchanged. "It's not logic, it's psychology, and psychology is a sign of the bottom," NoName wrote, adding that the subsequent rebound process could be quite difficult.
There were other signals on the same day, including chart analyst Ali Martinez pointing to a bullish cross between the Ethereum MVRV ratio and its 160-day moving average. Historically, this pattern has appeared many times before major rebounds, marking the end of the distribution phase. At the same time, there were reports that the 30-day average funding rate for Ethereum on the coin rose by approximately 0.00339 to a six-month high, when the ETH price was around $1920. This shows an improvement in market sentiment, but has not yet reached the level seen during past pullbacks.
According to CoinGecko data, as of the time of writing, Ethereum was trading at just below $1900, up nearly 12% in the past month, but still down 62% from the all-time high of $4946 set in August last year. The token fell back from a seven-week high near $1950 earlier this week and needs to recover the $2000 mark before it can continue to rise.
Not everyone believes the bottom has reached
CryptoQuant expressed a more cautious view on Thursday, saying Ethereum is trading at about 17% lower than its realized price, but only a few of the five bottom-signal indicators it tracks hit historical extremes. "The market still lacks capitulation selling," the platform said. Despite this, giant whales continue to buy. Lookonchain monitored a wallet that purchased 27000 ETH units worth US$52 million through Galaxy Digital's over-the-counter trading platform. In addition, Arthur Hayes (whose BitMEX exchange recently announced that it would close in September) increased its holdings of 644 ETH units, bringing its total holdings in eight days to 3270 units.
At the same time, the Ethereum Spot ETF has attracted more than US$408 million in net inflows this month, and Kalshi platform traders predict that the ETH price will be around US$3200 by the end of the year. But not everyone agrees with NoName's views. Analyst Nonzee expects Ethereum to rebound to $2000 first, and if Bitcoin rises to $70000, it may reach $2200, but he calls this level a "bull market trap" rather than a real breakthrough, and believes that it may still fall to the $900 to $1300 range first. However, his long-term goal is the same as NoName: $7000.
