Has Ethereum Finally Hit Bottom? What Do Analysts Say?

Crypto analysts are yet to conclude their debate over whether Ethereum has hit bottom, especially after its recent underperformance against the broader cryptocurrency market.

However, ETH has rebounded 28% since February, recovering from a local low of $2,150 set two weeks ago.

ETH/USD daily price chart. Source: TradingView

Let’s take a look at what analysts think of Ethereum’s massive price recovery.

ETH is heading towards $10,000

Well-known analyst Crypto Yodhha shared a chart suggesting that Ethereum may have bottomed, with a structure similar to the 2019-2020 cycle, which was followed by a 2,550% rally.

A key technical feature in the chart is the completion of the WXY corrective pattern, which is a complex three-wave corrective structure in the Elliott Wave Theory.

ETH/USDT 10-day price chart. Source: TradingView/Crypto Yodhha

This pattern usually signals the end of a long market downturn by forming a W-shape (initial decline), an X-shape (temporary relief rebound), and a Y-shape (final correction wave), followed by the emergence of a new bullish trend.

Crypto Yodhha also highlighted a range breakout scenario where ETH would need to recapture the upper limit around $4,600 to confirm the continuation of the bullish momentum.

If successful, prices could follow the trajectory of the previous cycle to set new all-time highs, expected in the $10,000-13,000 range.

Ethereum Rebounds from Key ‘Weekly Demand’ Area

A weekly Ethereum chart by analyst Bottom Sniper highlights a key support area that could determine whether ETH can maintain its bullish market structure.

ETH/USD weekly price chart. Source: TradingView

Bottom Sniper said: “The $880 low during the bear market was between the gold/purple lines and you can see that there were 4 times (not including the 2025 low) that confirmed the key support level.”

This area coincides with several key confluence points:

• 61.8% Fibonacci Retracement (Wave 2 Correction) – a historically strong support level in the bullish market structure.

• Weekly Demand Zone – Area where buyers have previously stepped in.

• SR (Support-Resistance) Flip – The previous resistance level now acts as support.

If ETH price sustains above this area, it could confirm that the bull run will continue to new highs, highlighted above the $4,000 area (red) in the above chart. Analyst Ted Pillows also believes that $4,000 is the next upside target for Ether.

Ethereum is going nowhere in the coming months

Meanwhile, the daily Ethereum chart from TraderXO shows that ETH has returned to the three-month range that previously contained price action from August to October 2024. It shows a bracketing phase in which ETH is likely to move sideways until a clear breakout occurs.

Notably, key support is at $2,124, which has historically been a strong demand zone. If ETH revisits the support line, it could attract buyers looking to take advantage of a potential rebound, perhaps towards the previous range highs around $2,850.

ETH/USD daily price chart. Source: TradingView/TraderXO

TraderXO said: “Bet on the fringe…do nothing in the middle.”

On the other hand, analyst Mister Crypto said Ethereum has bottomed out around $2,124, noting that a “big reversal” is coming next.

Stochastic RSI suggests ETH price bottoming out

Citing the classic Stochastic Relative Strength Index (RSI) indicator, analyst TraderPA believes that ETH may have bottomed against Bitcoin after recovering in February.

It is worth noting that the Stochastic RSI indicator shows that ETH/BTC has been below the 20 level for two full years, which historically has been followed by a long-term rise in ETH prices.

ETH/BTC monthly price chart. Source: TradingView/TraderPA

The chart highlights two previous instances — 2017-2019 and 2019-2021 — where ETH/BTC remained oversold before experiencing massive rallies.

In both cases, Ethereum gained more than 260%-390% against Bitcoin, leading to strength in altcoins. The current setup mirrors these past cycles, with the next two-year bullish phase expected to begin in August 2025.

Therefore, if the fractal plays out, ETH/BTC could be on the verge of a sustained rally, which also supports the argument that Ethereum has bottomed in USD terms.