Analysts Call Ethereum Price Bottom, But Charts Still Point to a 16% Dip

Key Insights:

• Ethereum price has broken a major chart pattern that points toward the $2,300 area.
• On-chain NUPL data shows ETH holders have not reached past stress levels seen at real bottoms.
• Momentum indicators like RSI still follow the price lower without clear signs of relief yet.

Ethereum price has taken a sharp hit, down 7% over the past 24 hours, and some analysts are already calling a bottom. One popular view says the worst is over and a long recovery has started. But when you slow down and read the charts closely, the picture looks different.

Several signals still point to more downside before Ethereum can truly stabilize. Right now, Ethereum price trades near $2,730, but multiple indicators still lean toward $2,300, which is about 16% lower. It is time to dive deeper and see if the analyst can counter what ETH price chart shows.

Ethereum Price Broke a Key Pattern

The daily chart shows a clear head-and-shoulders breakdown. This pattern formed over several months and finally broke below the neckline near $2,890.

Once that level failed, selling pressure picked up fast. Head and shoulders patterns often point to one simple thing. Price usually travels the same distance as the height of the pattern. In this case, that math points toward the $2,300 area.

That level also lines up with a strong horizontal support zone from earlier cycles. Markets often return to these zones before finding balance again. For the downside risk to ease, Ethereum price needs to reclaim $2,890 first.

That is the neckline and the first level that changes the short-term picture. Above that, $3,403 becomes the next check. A sustained move above $3,476 to $3,500 would finally put this pattern behind us. Until then, the chart still allows for more weakness and a deeper bottoming pit.

Ethereum Holders are Not Done Selling, Yet

On-chain data tells a similar story. Ethereum’s Net Unrealized Profit and Loss, or NUPL, measures how stressed holders are. When this metric falls deep into negative territory, real bottoms tend to form.

During the April 2025 sell-off, NUPL dropped to around -0.22. That marked a true washout and kicked off a strong rally.

This time, even after the recent drop, NUPL has not reached that zone. It remains well above past capitulation levels. That tells us many holders are still sitting on profits or mild losses.

The kind of panic that clears the market has not fully arrived yet. This does not mean it must happen again. However, history shows that strong Ethereum bottoms usually come with deeper stress than we see today. Another sign that the ETH bottom might be far away.

Momentum Tracks Ethereum Price Without Any Clear Relief Signal

Momentum also supports a cautious view. The Relative Strength Index, or RSI, continues to follow the price lower. There is no strong divergence yet. During past bottoms, RSI often forms higher lows while the price keeps falling.

That kind of behavior hints that selling pressure is running out. Right now, RSI is still moving in line with price. It also sits well above the late November lows, even after the drop. That tells us momentum has cooled, but it has not reset fully.

Markets often need that reset before a lasting bounce begins. Until RSI shows that kind of separation, calling a confirmed bottom remains early. Some analysts may be right in the long run. Ethereum still has strong fundamentals and deep network use.

But short-term charts and on-chain data do not yet support a clean bottom call. Ethereum price still risks a drop toward $2,300 before conditions improve. That level connects the price structure, holder stress, and momentum. Only if the price suddenly moves and reclaims $3,470 or even $3,500 with strength, can we give some thought to the analyst call. Not before that.