Ethereum Approaches Cycle Low as Bitmain Indicates Violent Belief

The present perspective is determined by historical correlations

Lee based part of his opinion on the analysis of a market technician named Tom DeMark. The data indicate that the recent price trend of Ethereum is highly correlated with the S&P 500 during the crash of 1987 and the correction of 2011. These trends suggest that Ethereum might already be at a bottom or nearing one.

As of today, Ethereum is trading at an approximate 22 percent discount to its real price of 2,241. The measure represents the mean price floor of every coin on-chain. Moreover, the same discounts were observed at the bottoms of past cycles, which supports the idea that selling pressure could be declining.

Bitmain has over 3 million staked Ether worth approximately 6.6 billion. The company also has close to 10 billion in crypto assets. The exposure indicates high confidence in Ethereum's long-term recovery and has helped lift its stock during premarket trading on March 16. In addition, the size of its stake reflects growing institutional readiness to hold large crypto positions in bear markets. This movement continues to influence mood in digital-asset markets.

Bullish signals notwithstanding, mixed sentiment prevails

The bottom call does not find support among all market participants, regardless of the available data. Individual traders have reported that such claims have been made in the past few months without validation. Nonetheless, others refer to Ethereum's historical trend, which has involved strong recoveries following extensive corrections. Ethereum has delivered high returns over the long run in the last ten years. In addition, analysts note that past cycles tended to experience prolonged periods of consolidation followed by recovery. This supports the view that the current market structure can be consistent with previous turning points.

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