Ethereum's 6-Month Bear Market Phase Continues... On-Chain Indicators Suggest Rebound Possibility

Ethereum has continued its bear market phase for nearly six months, but recent on-chain indicators suggest this range could mark the start of an upward trend. According to blockchain media Tuesday, while bearish volume remains dominant, price and short-term trend indicators show recovery signals. Swissblock's supply profit/loss model indicates Ethereum has remained in a 'bear market' state since late January. Although a rebound in April-May temporarily brought significant volume near the breakeven point, selling pressure regained dominance, increasing unrealized losses. Currently, ETH in a loss position totals ~45.7 million, exceeding the ~31.6 million in profit positions. The average breakeven price has risen to around $1,880. While the market is gradually recovering from several months of pressure, stress levels remain high. The next key level is the ~$1,935 100-day moving average, a resistance level that has historically halted multiple rallies. If Ethereum breaks this level by closing price, the recovery trend could strengthen, with the $2,000 level emerging as the next target.