Ethereum Bear Market Bottom Is In: Analyst Eyes $7K Long-Term

Pseudonymous crypto trader NoName says Ethereum has just crossed into the price zone where its bear market has historically bottomed, pointing to four straight lower highs as proof the downtrend has run its course.

The trader, who is buying through the dip with a long-term target of $7,000, argues that the same crowd psychology that made ETH everyone’s favorite trade at $4,900 is now working against it below $2,000.

Mapping Out the Bottom Zone

In a post shared Friday, NoName laid out Ethereum’s decline through four descending peaks: $4,957, then $3,400, then $2,460, then $1,950, calling it a textbook downtrend. Each top landed lower than the one before it, and the trader said that sequence has now pushed price into the $1,300 to $1,900 range, the zone treated as the eventual floor.

The reasoning is less technical than psychological, with the analyst noting that ETH at $4,900 was a favorite while ETH under $2,000 gets called a dead chain, even though nothing about the network changed. “That’s not logic, that’s psychology, and psychology marks bottoms,” NoName wrote, adding that the climb back up will likely be rough.

… Continue reading the full article at the original source below.