Most long-term ETH investors are now holding at a loss, but a historically accurate onchain indicator signals that Ethereum price is close to a bottom.
Ether (ETH), the native token of Ethereum, is showing signs of bullish exhaustion after a steep 65% decline over the past three months. The pace of the downtrend and the oversold conditions shown by various ETH price metrics have investors wondering if a market bottom is approaching.
Ether’s current price action mirrors a familiar fractal pattern seen in 2018 and 2022. In both instances, ETH price saw euphoric rallies that ended with sharp breakdowns and prolonged bear markets.
Each of these cycles shared the following key traits:
