Author: Yashu Gola, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
Crypto analysts are still debating whether Ethereum has bottomed, especially after its recent underperformance compared to the overall 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 sharp price recovery.
Prominent analyst Crypto Yodhha shared a chart that suggests 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, 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 a new bullish trend. Crypto Yodhha also highlights a range breakout scenario, where ETH needs to recapture the upper limit near $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.
The weekly Ethereum chart drawn 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
“The $880 low during the bear market was between the gold/purple lines and you can spot 4 times (not including the 2025 low) that confirmed a key support level,” said Bottom Sniper.
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 – an area where buyers have previously stepped in.
SR (Support-Resistance) Flip – a previous resistance level now acting as support.
If ETH price sustains above this area, it could confirm a continuation of the bull run to new highs, highlighted above the $4,000 area (red) in the chart above. Analyst Ted Pillows also sees $4,000 as Ether’s next upside target.
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 where 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 reclaims the support line, it could attract buyers looking to take advantage of a potential rebound, possibly towards the previous range high of around $2,850.
ETH/USD daily price chart. Source: TradingView/TraderXO
“Bet on the fringe… do nothing in the middle,” said TraderXO.
On the other hand, analyst Mister Crypto said Ethereum has bottomed out around $2,124, noting that a “big reversal” is next.
Analyst TraderPA cited the classic Stochastic Relative Strength Index (RSI) indicator to believe 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 a full two years, and historically, a long-term rise in ETH prices has followed.
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 seeing 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.
Thus, 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.
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