Stephen Suttmeier, formerly Head of Technical Strategy at Bank of America, says Ethereum may be forming a tactical bottom. In a recent analysis, he said a price staying above $1,690–$1,700 would support a tactical low above its June lows, with a reclaim of $1,800 providing another confirmation.
The analysis is based on technical indicators, notably moving averages, to gauge short- and long-term momentum shifts. As of press time, ETH price briefly stalled below the 50-day moving average (50DMA).
According to Suttmeier, decisive reclaim of the 50DMA as support—specifically a price above $1,800—would open the path to the 200-day moving average (200DMA) near $2,200, implying roughly a 25% upside if the $2,100 obstacle is cleared.
The thesis is reinforced by other market participants; Tom Lee, chairman of Bitmine Immersion Technologies and a Fundstrat figure, voiced support for the projection. Separately, a daily chart pattern suggested a potential bullish reversal if bearish catalysts remain absent, with a double bottom forming after ETH slipped below $1,600 on two occasions in recent weeks.
Price action has kept ETH around the 50DMA, with a brief dip below it observed in recent sessions. A sustained reclaim above $1,800 would target the next major moving average at around $2,200 on the 200DMA, potentially implying a 25% upside if the $2,100 level is cleared.
On the chart, ETH has shown signs of a double bottom reversal after testing the $1,600 level twice in the past weeks, suggesting a possible bullish shift in the absence of negative catalysts.
However, on-chain metrics present a more mixed picture. CryptoQuant reported a 6% rise in exchange selling pressure over the past few days as ETH attempted a rebound, with more than 220,000 ETH moving to exchanges. Additionally, the relief rally coincided with whales reducing exposure; the whale sell-off had not tapered as of writing. The exchange selling pressure has been rising since March, raising the risk that the tactical bottom scenario could be invalidated if pressure persists.
The shift in ETF flows and macro risks could derail the bullish scenario for ETH. After a period of net inflows, US spot ETF demand posted a $52 million net outflow, driven by broader risk-off sentiment tied to geopolitical tensions and bond market jitters.
Stephen Suttmeier’s analysis is complemented by input from Tom Lee, chairman of Bitmine Immersion Technologies and a veteran at Fundstrat, who supported the projection.
Outlook: If there is no bearish catalyst in the short term, ETH could tilt toward a bullish reversal, with a potential 25% upside toward around $2,100–$2,200 if the price decisively reclaimes $1,800. Nevertheless, macro and geopolitical pressures, including ongoing U.S.–Iran tensions, could undermine the bullish outlook.
