There’s a Significant Chance Ethereum Just Bottomed at $165: Here’s Why

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In a move that surprised many, Ethereum rallied as high as $192 on April 19th, meaning that the cryptocurrency had retraced effectively 100 percent of the brutal “Black Thursday” crash. Unfortunately for buyers of the rally, the cryptocurrency didn’t stay at this price point for long, plunging to $180, then $165 in the days that followed to create a 13% correction. This stark reversal from $190, which has marked the top of rallies on multiple occasions over the past 18 months, hasn’t gone over well with bulls. But, a key on-chain indicator suggests that Ethereum has already bottomed. Ethereum Likely Just Bottomed: Blockchain Data Blockchain analytics firm Santiment recently noted that in the recent correction from the $192 highs, the Ethereum Token Age Consumed metric saw a “massive spike.” This is notable as previous exponential spikes in this metric coincided with previous bottoms in ETH, like the drop to $90…

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