Pseudonymous crypto trader Noname said Ethereum had just entered the price range where the bear market bottomed out historically, pointing to the four consecutive lows as evidence that the downtrend has come to an end.
Traders who are buying the dip with a long-term target of $7,000 argue that the same herd mentality that drove the decline is at play. $ETH Everyone’s favorite deal at $4,900 is currently losing ground below $2,000.
Bottom zone mapping
In a post shared on Friday, NoName described Ethereum’s decline through four downward peaks: $4,957, then $3,400, then $2,460, and then $1,950, calling it a textbook downtrend. Each top lands lower than the one before it, and traders say this series of moves has now pushed the price into the $1,300 to $1,900 range, with this zone being treated as the final downside.
This reasoning is not technical, but psychological, as analysts point out: $ETH Popular at $4,900 $ETH If there is no change in the network but the amount is less than $2,000, it is called a dead chain. “It’s not logic, it’s psychology, and psychology shows the bottom,” NoName wrote, adding that it will likely be tough to climb back up.
Other signals also moved on the same day. $ETHThe MVRV ratio to the 160-day moving average, as pointed out by Chartist Ali Martinez. This setting has been made several times in the past to mark the end of the distribution phase, just before major recoveries.
Meanwhile, Arab Chain reported that the average 30-day funding rate for Ethereum on Binance increased by about 0.00339, hitting a six-month high. $ETH At the time, the stock was trading around $1,920, a sign that sentiment is improving, although it has not yet reached the levels associated with past corrections.
The world’s second-largest cryptocurrency itself is trading just below $1,900 at the time of writing, according to data from CoinGecko, up nearly 12% in the last month but still 62% below its all-time high of $4,946 set in August last year. The token has fallen from a seven-week high near $1,950 earlier this week and needs to regain $2,000 to push further.
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Not everyone is convinced of the bottom price
CryptoQuant took a more cautious stance on Thursday, pointing out that: $ETH was trading about 17% below its realized price, while only two of the five bottom signal indicators tracked by the firm reached historic extremes. “The surrender is not yet underway,” the platform said.
Nevertheless, whale purchases continue. Lookonchain tracked wallets that purchased 27,000 $ETH $52 million worth through Galaxy Digital’s OTC desk, with Arthur Hayes, who recently announced he would be closing his BitMEX exchange in September, adding another $644. $ETHbringing the 8-day total to 3,270 $ETH.
At the same time, Spot Ethereum ETF has raised more than $408 million this month, with Kalsi traders pricing in $ETH By the end of the year, it will be close to $3,200.
However, not all paths match those of NoName. Analyst Nonjie said that if Bitcoin rises to $70,000, he expects another rally toward $2,000 or even $2,200, but he says that level is more of a bullish trap than a true breakout, and that an initial decline toward $900 to $1,300 is still likely. But his long-term goal is to reach $7,000, the same as NoName.
