Ethereum’s technical indicators suggest it could be nearing a significant market bottom. Analysts point to the formation of a “death cross” on its 50-day and 200-day moving averages, a pattern historically associated with late-stage bear market bottoms. If the bottom is not already established, ETH may be only 2%–3% away from completing its corrective phase. The price continues to face resistance near $2,300 while holding key support at $2,150.
Ethereum might be approaching a significant turning point as a variety of technical factors align. The formation of a “death cross” on its moving averages has historically been seen around the last stages of a bear market cycle.
A crypto analyst, Sykodelic, expressed his view that Ethereum could be just about 2% to 3% from completing its entire downward corrective phase if the bottom is not already in. In previous market cycles, the Ethereum 3-day death cross frequently coincided with significant bottoms or formed before them.
The Death Cross, where the 50-day moving average crosses under the 200-day moving average, may signal the end of sell-off pressure. If history repeats, Ethereum could make its last bottom about 54 days from the death cross event, indicating a potential turning point around April 28th.
Another analyst, Chad, pointed out that Ethereum continues to struggle against breaking out above the resistance zone at $2,300. Every breakout attempt has failed so far, meaning the bullish momentum isn’t strong enough yet.
Market structure is stable for the time being, with important price levels holding their ground. On the negative side, it is vital to monitor the key support level at $2,150.
If that level falls, a further downtrend could continue. However, if the price manages to hold above it, stability will be ensured for Ethereum.
