Ethereum Price Dips 70% from All-Time High Amid Oversold Conditions

Ethereum's price has plummeted roughly 70% from its all-time high, trading near levels seen years ago. The monthly Relative Strength Index (RSI) is reportedly at its most oversold level in Ethereum's history.

The last time fear reached these extremes, Ethereum eventually formed a major cycle bottom and delivered massive returns to patient investors. However, this current setup looks even more stretched than previous bear market lows.

As Ethereum enters territory where long-term investors start paying attention, traders are wondering if this is the accumulation zone of the next cycle or if the cryptocurrency still has one final capitulation move left.