Crypto analyst Tony Severino has shared his insights on the current Ethereum market cycle, suggesting that it may still have a way to go in terms of reaching its bottom.
In a recent analysis, Severino noted that the current cycle has been behaving unexpectedly, with prices experiencing prolonged corrective phases and bearish headwinds. Despite this, he emphasized that investors should be cautious about expecting a new all-time high anytime soon, as these moves are likely part of a weak cycle within a bear market.
Severino highlighted the importance of understanding intracycle harmonics, which can change depending on their position within the larger degree cycle. He warned that if an intracycle harmonic exceeds the amplitude of the larger-degree cycle, it could be a warning sign that ETH is in a period dominated by bear-market rallies.
The analyst also noted that Ethereum has not yet reached a market bottom, and another downturn is likely before reaching a floor. According to his chart, the next potential breakdown targets are around $800 and $440, which are levels that ETH may decline to if it falls below critical support.