Author: Yashu Gola, CoinTelegraph; Translator: Tao Zhu, Jinse Finance
The debate among cryptocurrency analysts on whether Ethereum has bottomed out is far from over, especially after its recent underperformance compared to the overall cryptocurrency market.
However, ETH has rebounded 28% since February, recovering from the local low of $2,150 reached two weeks ago.
Daily price chart of ETH/USD. Source: TradingView
Let's see how analysts view the significant price recovery of Ethereum.
ETH to Surge Towards $10,000 Next
Prominent analyst Crypto Yodhha shared a chart suggesting that Ethereum may have bottomed out, with a structure similar to the 2019-2020 cycle, which then rallied 2,550%.
A key technical feature in the chart is the completion of a WXY correction pattern, which is a complex three-wave corrective structure in Elliott Wave theory.
10-day price chart of ETH/USDT. Source: TradingView/Crypto Yodhha
This formation typically represents the end of a prolonged market downturn through the formation of a W-shape (initial decline), an X-shape (temporary relief rally), and a Y-shape (final corrective wave), followed by a new bullish trend.
Crypto Yodhha also highlighted a breakout scenario, where ETH needs to reclaim the overhead resistance around $4,600 to confirm the continuation of the bullish momentum.
If successful, the price could follow the trajectory of the previous cycle to set a new all-time high, expected to be in the range of $10,000-$13,000.
Ethereum Rebounds from a Critical "Weekly Demand" Zone
The Ethereum weekly chart drawn by analyst Bottom Sniper highlights a key support area that can determine whether ETH can maintain its bullish market structure.
Weekly price chart of ETH/USD. Source: TradingView
Bottom Sniper stated, "The $880 low during the bear market is between the golden line/purple line, and you can see it has been confirmed as a key support 4 times (excluding the 2025 low)."
This area is consistent with several key confluence points:
61.8% Fibonacci retracement (2nd wave correction) - a historically strong support in a bullish market structure.
Weekly demand zone - the area where buyers previously stepped in.
SR (support-resistance) flip - the previous resistance now acting as support.
If the ETH price maintains above this area, it could confirm that the bull market will continue to new highs, with the $4,000 area (in red) highlighted above in the chart. Analyst Ted Pillows also believes $4,000 is the next upside target for Ether.
Ethereum to be "Trapped" in the Coming Months
Meanwhile, the Ethereum daily chart by TraderXO shows that ETH has returned to the three-month range that contained the price action from August to October 2024. It displays a consolidation phase, where ETH may trade sideways until a clear breakout occurs.
Notably, the critical support is $2,124, which has historically been a strong demand area. If ETH returns to the support line, it may attract buyers looking to capitalize on a potential rebound, potentially targeting the previous range high around $2,850.
Daily price chart of ETH/USD. Source: TradingView/TraderXO
TraderXO stated, "Bet on the edges... do nothing in the middle."
On the other hand, analyst Mister Crypto believes Ethereum has bottomed around $2,124 and points to an "imminent reversal" ahead.
Stochastic RSI Suggests ETH Price Has Bottomed
Analyst TraderPA, citing the classic Stochastic Relative Strength Index (RSI) indicator, believes ETH may have bottomed compared to Bitcoin after the recovery in February.
Notably, the Stochastic RSI indicator shows that ETH/BTC has been below the 20 level for two full years, and historically, this has been followed by a prolonged Altcoin rally.
Monthly price chart of ETH/BTC. Source: TradingView/TraderPA
The chart highlights two previous examples - 2017-2019 and 2019-2021 - where ETH/BTC remained in oversold territory before a massive rally occurred.
In both cases, the Altcoin's gains against Bitcoin exceeded 260%-390%, leading to a strong Altcoin season. The current setup reflects these past cycles, and the next two-year bullish phase is expected to commence in August 2025.
Therefore, if the fractal plays out, ETH/BTC could be on the verge of a sustained rebound, which also supports the argument of Ethereum bottoming out in US dollar terms.
