Ethereum Bear Market Bottom Is Here: Analyst Predicts $7,000 Long-Term

Some traders still see a rally towards $2,000 as a possible bullish trap before ETH makes one last move lower.

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

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

Mapping of the lower zone

In a post shared on Friday, NoName presented Ethereum fell 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 last, and the trader said that sequence has now pushed the price into the $1,300 to $1,900 range, the zone treated as the eventual bottom.

The reasoning is less technical than psychological, with the analyst noting that ETH at $4,900 was the favorite, while ETH below $2,000 is considered a dead chain, even though nothing on the network changed. “That’s not logic, that’s psychology, and psychology marks the bottom,” NoName wrote, adding that the climb will likely be difficult.

Other signals moved on the same day, including a bullish crossover in the ETH MVRV index against its 160-day moving average as pointed made by chartist Ali Martinez. This setup came just before several major rallies in the past marking the end of distribution phases.

Meanwhile, the Arab Chain reported that Ethereum’s 30-day average funding rate on Binance rose to about 0.00339, its highest reading in six months, with ETH trading near $1,920 at the time, a sign of improving sentiment, although not yet at levels linked to past corrections.

The world’s second-largest cryptocurrency was changing hands just below $1,900 at the time of writing, according to data from CoinGecko, up about 12% over the past month, but still 62% below the all-time high of $4,946 it hit last August. The token fell from a seven-week high near $1,950 earlier this week and needs to regain $2,000 to build further momentum.

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Not everyone is convinced that we have reached the bottom

CryptoQuant struck a more cautious note on Thursday, noting that ETH was trading about 17% below its realized price, but that only two of the five background signal metrics it tracks have reached all-time extremes. “The capitulation is still missing,” the platform stated.

The purchase of whales has continued despite everything. Lookonchain tracked a wallet that purchased 27,000 ETH worth $52 million via Galaxy Digital’s OTC desk, and Arthur Hayes, whose BitMEX exchange recently announced it will close in September, added another 644 ETH, bringing its eight-day total to 3,270 ETH.

At the same time, Ethereum spot ETFs have raised over $408 million this month, and Kalshi traders are prices ETH near $3,200 by the end of the year.

But not all paths match those of NoName. Analyst Nonzee expects a further rally towards $2,000, or $2,200 if Bitcoin rises to $70,000, but considers that level a bull trap rather than an actual breakout, and a drop towards $900 to $1,300 is still likely to occur first. His long-term goal, however, lands in the same place as NoName’s: $7,000.