🚨 The big question right now:
“Is this the bottom for $ETH?”
But the real question is whether Ethereum is still breaking down or whether most of the damage is already done.
Start with valuation.
ETH is trading below the 0.80 pricing band, a level it has only fallen under three times before.
Each time:
• Most holders were underwater
• Selling was forced
• Fear was already high
At $1,950, ETH is again below the average holder’s cost basis.
That doesn’t guarantee upside.
It means pain is already priced in.
ETH/BTC printed a better weekly candle... not a reversal, but selling is slowing.
The key level is 0.0325 BTC:
• Above it → rotation into ETH usually starts
• Below it → ETH stays in recovery
Right now, the market isn’t betting on ETH strength.
It’s checking whether ETH can stop getting weaker.
That’s how bottoms usually begin.
Ownership is quietly shifting.
BitMine is 71% done toward owning 5% of total ETH supply.
This isn’t short-term money.
It’s long-term accumulation after sentiment broke, not before.
Price doesn’t react immediately.
Supply just moves into stronger hands.
Usage hasn’t collapsed.
Ethereum still hosts $200B.
If ETH were being abandoned, that capital would be leaving. It isn’t.
• Price is down
• Usage isn’t
Institutions confirm the hesitation.
Bitcoin ETFs stabilized first. Ethereum ETFs are still seeing mild outflows.
That’s normal.
At major lows:
• BTC stabilizes
• ETH lags
• Rotation follows later
ETH is being ignored, not chased which is usually how bottoms form.
Now supply.
ETH on exchanges is back to mid-2016 levels.
The ecosystem is much bigger today, yet less ETH is available to sell.
When sell-side liquidity gets tight, price doesn’t stay quiet forever.
When demand returns, moves tend to be fast.
This isn’t a prediction. It’s a framework.
ETH doesn’t need hype here, it needs time and stabilization. 🔥