According to crypto analyst Crypto Yoddha, Ethereum (ETH) may have finally reached its bottom. The analyst shared their insights on X, suggesting that the second-largest cryptocurrency by market cap could be on the verge of a trend reversal.

Is The Ethereum Bottom Finally In?

Crypto Yoddha shared a 10-day ETH chart indicating that the digital asset has likely bottomed for this cycle. To support this analysis, the analyst highlighted striking similarities between ETH’s current price behavior and its movement during the 2019–2020 cycle.

According to the analyst, Ethereum followed a similar price structure in its previous cycle before embarking on a bullish rally that surged 2,500%. The chart also suggests the completion of a WXY correction pattern from Elliott Wave Theory, a three-wave corrective structure that often precedes trend reversals.

For the uninitiated, The WXY corrective pattern in Elliott Wave Theory is a three-wave correction where W and Y are corrective moves, and X connects them. It’s a more complex version of an ABC correction, making price movements last longer before the trend continues.

The analyst further emphasized that breaking the $4,600 resistance level is crucial for ETH to sustain its bullish momentum. If ETH clears this hurdle, it could replicate its previous cycle’s trajectory, potentially rallying to $10,000–$13,000.

Crypto Yoddha’s sentiments were echoed by fellow crypto trader Mister Crypto. The analyst shared the following chart, saying that ETH has bottomed and a ‘big reversal’ is likely to happen soon.

ETH Price Mirroring Its Previous Market Cycle

A group of seasoned crypto traders, Shuarix, also weighed in on ETH’s price behavior. They compared ETH’s current structure to its 2020 price action during the COVID-induced market crash.

According to Shuarix, ETH recently experienced a false breakout from a symmetrical triangle pattern, followed by a major pullback. They believe this setup could lead to a strong rally, as the market shakes out so-called “weak hands.”

They added that bearish sentiment surrounding ETH currently is at a level not seen since the year 2020. Indeed, on-chain data reveals that so-called ‘ETH whales’ – wallets with substantial ETH holdings – are starting to lose faith in the digital asset.

Besides the large investors showing diminishing trust in ETH, the Ethereum staking percentage has also crashed from the highs of November 2024. At press time, ETH trades at $2,644, down 3.5% in the past 24 hours.

Featured Image from Unsplash.com, charts from X and TradingView.com

Ethereum Foundation lead developer Tim Beiko has dismissed the idea of an Ethereum blockchain rollback following the Bybit crypto exchange hack. In a detailed post on X, Beiko explained why such a proposal is impractical and unfeasible.

Ethereum Network Too Interconnected For A Rollback, Beiko Says 

On February 21, Dubai-based exchange Bybit suffered the largest crypto hack in history as bad actors carted away $1.4 billion in mantle-staked ETH (mETH) and other ERC-20 tokens by comprising one of the exchange’s cold wallet. As expected, this development has rocked the industry drawing a discourse on various recovery channels.

One of these channels being discussed is the potential rollback of the Ethereum network. As the name implies, blockchain rollback is the process of reverting blockchain to a previous state, effectively undoing recent transactions.

According to Tim Beiko, the idea of a blockchain rollback can be traced to a Bitcoin network incident in 2010 where Satoshi Nakamoto deployed a software patch to invalidate a transaction where a user minted 146 billion BTC. However, the software developer notes that Bitcoin mining efforts were minimal at this time with the premier cryptocurrency trading around $0.07.

Beiko also references a similar incident on the Ethereum network in 2016, where a particular dAPP known as the TheDAO which held an estimated 15% of ETH supply came under the control of a hacker. Fortunately, the developers of TheDAO had implemented a failsafe that forcibly froze all withdrawals on the dAPP for a month in the case of a hack.

This time allowed Ethereum developers to effect a change to the blockchain thereby updating TheDAO’s database manually in an “irregular state change.” Notably, this decision caused much division in the ETH community eventually resulting in the hardfork that created the Ethereum Classic chain.

In the context of the Bybit hack, Beiko explains that a blockchain rollback would be virtually impossible due to multiple factors. Firstly, the Ethereum network detects no broken protocol rules as the hack occurred through a compromised multi-sig wallet interface where the custodian signed off on a falsely displayed transaction resulting in the asset loss.

Furthermore, the ETH developer notes that the hacker has begun transferring the stolen funds, unlike the TheDAO case. Therefore, any attempt at a rollback would result in a continuous cat-and-mouse game. Finally, the Ethereum network is too developed and interconnected with the presence of multiple bridges and DeFi protocols, therefore another “irregular state change” could cause a catastrophic ripple effect.

ETH Price Overview

At the time of writing, ETH trades at $2,754 reflecting a 2.77% gain in the past day.

Featured image from iStock, chart from Tradingview

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.