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Most long-term ETH investors are now holding at a loss, but a historically accurate onchain indicator signals that Ethereum price is close to a bottom.
Ether (ETH), the native token of Ethereum, is showing signs of bullish exhaustion after a steep 65% decline over the past three months. The pace of the downtrend and the oversold conditions shown by various ETH price metrics have investors wondering if a market bottom is approaching.
Ether’s current price action mirrors a familiar fractal pattern seen in 2018 and 2022. In both instances, ETH price saw euphoric rallies that ended with sharp breakdowns and prolonged bear markets.
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Each of these cycles shared the following key traits: