Ethereum Bear Market Bottom Is Here, Analyst Targets $7K

Ethereum is flashing strong bottom signals after dropping through a textbook series of four lower highs, according to popular crypto analyst NoName. The asset has slipped directly into the $1,300 to $1,900 range, which has historically marked the floor for ETH during major market cool downs. While crowd psychology has turned sour with traders calling the network dead, analysts point out that the underlying fundamentals remain strong, creating a classic psychological capitulation setup.

Other market watchers see similar signs of life. Chartist Ali Martinez highlighted a bullish crossover in the MVRV ratio, a technical setup that has preceded major recoveries in the past. Binance funding rates have also hit their highest marks in six months, while spot Ethereum ETFs pulled in over $408 million this month. Whales are taking notice as well, with large investors accumulating millions in ETH through over the counter desks while Arthur Hayes continues adding to his personal holdings.

Not everyone is fully convinced the worst is over just yet. On chain data platform CryptoQuant noted that true capitulation is still missing because only two out of five bottom metrics have reached historical extremes. Some analysts also warn of a potential bull trap toward $2,000 before any deeper drop to $900 happens. Even so, long term targets remain ambitious, with several market experts expecting ETH to eventually reach $7,000 once the current cycle turns around.