Ethereum (ETH) has witnessed significant price fluctuations recently, slipping below the $3,000 mark amid ongoing market volatility. Following a brief surge above this key level, the second-largest cryptocurrency is now trading at approximately $2,970.87, reflecting a decline of 1.67% over the past 24 hours. Analysts are actively exploring scenarios to determine where Ethereum might find a bottom in the current market climate.
Technical analysis, on-chain indicators, and market cycle theories are being utilized to gauge Ethereum”s potential movements. Analyst Ted Pillows noted that a successful breakout above the $3,000 to $3,050 range could pave the way for a rise toward $3,200. Conversely, failure to reclaim this critical zone might expose Ethereum to further downward pressure and possibly new yearly lows.
In addition to technical indicators, on-chain analysis provides insights into investor behavior. Analyst CW8900 from CryptoQuant highlighted that the realized price of Ethereum accumulation addresses is on the rise, nearing the current market price. This suggests that large investors, commonly referred to as whales, are continuing to accumulate rather than offload their holdings. CW8900 further noted that Ethereum has not traded below this cost basis, indicating strong support from accumulation whales. The analyst estimates that a potential bottom could form around $2,720, even if further declines occur.
From a technical perspective, trader Kamran Asghar pointed out that Ethereum has established its third “huge weekly rounded bottom.” Historically, similar formations have preceded price rallies, indicating a potential bullish reversal. Other analysts, including Bit Bull, have observed that Ethereum appears to be forming a double bottom structure along with an inverse head-and-shoulders pattern on the monthly chart—both of which are often interpreted as bullish signals in technical analysis.
Furthermore, analyst Matthew Hyland has drawn attention to Ethereum”s historical cycle patterns, suggesting the cryptocurrency may be entering a new phase in its market structure. Unlike Bitcoin”s four-year halving cycle, Hyland posits that Ethereum follows a 3.5-year pattern, with a cyclical bottom anticipated in the fourth quarter of 2025.
While analyst opinions vary, a consensus indicates that Ethereum is approaching a critical juncture. Despite short-term volatility, several technical formations and on-chain metrics hint at potential areas of support that could attract renewed buying interest, possibly setting the stage for Ethereum”s next major directional move.
