On-Chain Analysis Reveals Ethereum (ETH) Has Hit The Bottom

Ethereum (ETH) appears to have reached its bottom, despite market players previously stating that the bottom is not in sight. According to analytical insights from Glassnode, the Ethereum Cost Basis Distribution metrics have displayed an upsurge in supply at $1,886, an increase from 1.6 million Ether to 1.9 million Ether.

According to Glassnode, this development points to a potential short-term price floor. Investors reinforce support at the $1,886 price level, with continuous accumulation at lower levels. 

The data above notably aligns with the custom capitulation metric for ETH, which is achieved through integrating CBD and Realized loss data. The figures are derived from the application of weighted sell volumes and account for non-linear economic pain.

Long-term price predictions remain bullish despite Ether remaining in a downtrend

Ethereum (ETH) remains in troubled waters as the ETH/BTC ratio dips to 0.022, a level last seen in May 2020. A 30% monthly decline has been recorded as the asset fails to remain within the $2,1000 critical support area.

As the global market cap decreases, leading assets like Ether have struggled to stay afloat. In the last seven days, ETH lost over 5% of its weekly gains. At report time, Ether trades for $1,914, with daily losses increasing by 0.26%.

Despite Ether recording a 60% decline from its $4,891 all-time high, analytical institutions maintain a bullish outlook. Their price forecasts indicate that Ethereum is primed for a massive price upsurge. 

While CoinCodex predicts a price surge to $28,700, a Finder’s expert panel research predicts that prices could tap $17,810 in 2025.