Analysts noted that most long-term investors in Ethereum are now holding coins at a loss, but "a historically accurate on-chain indicator signals that the asset's price is close to the bottom."

Cointelegraph emphasized that over the past three months, Ethereum has declined by 65%, and pointed out a recurrence of a familiar pattern similar to that of 2018 and 2022. According to them, during those periods, after the Ethereum rally, it faced a crash and a prolonged bear cycle.