Following a devastating turn of events during the weekend, market experts suggest that Ethereum (ETH) appears to be “in the middle of nowhere.” The leading altcoin must reclaim a crucial level; failing to do so may push the asset back toward $2,800.
Ethereum at a Crossroads
Ethereum experienced a significant drop over the weekend, with its price briefly falling below the $3,050 level. The cryptocurrency asset has been on a steady decline since November 14, marked by several failed attempts to recover. Selling pressure intensified through the weekend, pushing ETH to its lowest point of the week before a slight rebound toward $3,190 on Monday.
As the downturn deepens, crypto analyst ‘Daan Crypto Trades’ stated that ETH is still holding the 0.618 Fibonacci retracement zone after sweeping its November 4 low. The analyst observed that the asset currently sits “in the middle of nowhere” and needs to break above approximately $3,650 to improve its outlook.
However, the analyst warned that if the current region fails, the $2,800 level could become a major support-resistance area in this cycle.
Pain May Be Short-Lived?
While short-term signals appear shaky, Tom Lee indicated in his latest post that Ethereum is now entering the same kind of “supercycle” that Bitcoin experienced over the past eight years. Lee, who is the chairman of DAT BitMine and head of research at Fundstrat Global Advisors, noted that Bitcoin underwent multiple crashes—six drops of more than 50% and three exceeding 75%—yet still delivered a 100x return for those who held through the volatility.
Lee explained that crypto prices are “discounting a massive future,” which is why any moments of doubt tend to create sharp volatility. He added that investors had to withstand several “existential moments” to benefit from Bitcoin’s long-term supercycle. Applying this concept to Ethereum, he suggested the asset is beginning a similar long-term growth phase, even though its recent struggles demonstrate that the path higher will not be a straight line.
MN Capital founder Michaël van de Poppe also reaffirmed his bullish outlook on Ethereum, stating that the asset’s 30% correction against Bitcoin has created an “ideal zone for accumulation.” He observed that ETH has held steady over the past few weeks despite BTC experiencing its worst week of 2025. Van de Poppe further commented that he does not expect Ethereum to remain at current price levels for long, suggesting that a potential rebound may be imminent.