Ethereum (ETH) is currently exhibiting signs of bullish exhaustion after a significant 65% decline over the past three months. A key onchain indicator suggests that the price could be nearing its bottom. Historical patterns from previous years, particularly 2018 and 2022, reveal similar cycles where ETH experienced euphoric rallies followed by sharp corrections. These trends indicate a possible price target range between $990 and $1,240, aligning with key Fibonacci retracement levels. Additionally, Ethereum has entered a 'capitulation' phase, where investors are largely holding ETH at a loss—historically, this phase has coincided with major market bottoms. The notable drop in the Net Unrealized Profit/Loss (NUPL) metric has been observed similarly before previous recoveries, such as the rebound following the March 2020 COVID-19 sell-off. As ETH's price fluctuates, the current indicators paint a picture that the final legs of its decline are in motion, with strong implications for future price stabilization.

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