Ethereum (CRYPTO: ETH) recently printed its lowest daily relative strength index ever recorded at 17.4, a reading analyst Michaël van de Poppe called a “historic opportunity.”

ETH Down 68% In 10 Months With $1,500 As The Line In The Sand

Ethereum peaked at $4,953 in August 2025 and traded as low as $1,593 over the weekend, a 68% crash in 10 months. 

Analyst Ash Crypto pointed out that the only comparable setup in ETH’s history was June 2022, when ETH broke through every support level and crashed to $880 before bottoming.

That bottom produced a 5x return over the following 18 months for anyone who bought it.

“ETH has only done this once before in its entire history,” Ash Crypto wrote on X. “Back in June 2022, same month, same breakdown, same chart structure,” he added. 

Moreover, the weekly 200 MA sits at $2,471 with price having fallen straight through it. The next support level is $1,500, and a weekly close below that opens a path toward $1,000 with no visible support in between.

RSI At 17.4 Is The Lowest Daily Reading Ever Recorded On Ethereum

Van de Poppe argued the setup mirrors every prior capitulation low that preceded outsized recoveries. 

“In history, the previous lowest reads on the daily RSI combined with a capitulation have provided a massive return if you were buying those,” he posted. 

RSI measures how stretched a price move has become, with readings below 30 typically viewed as oversold. A reading of 17.4 sits at the extreme end of that scale.

“History will repeat itself on ETH,” Van de Poppe stated, adding the milestone signals the final stages of Ethereum’s bear market.

Derivatives Show Near-Equal Washout With Open Interest Deeply Deleveraged

The derivatives picture shows signs of exhaustion rather than continued panic. Long liquidations reached $34.93 million over 24 hours against $33.46 million in short liquidations, a near-equal washout suggesting forced selling is approaching its limits. 

Top traders on Binance are leaning long with a 2.87 ratio, suggesting experienced money is positioning for a bounce at current levels. 

The long/short ratio for the broader market sits at a nearly neutral 1.0028, meaning no strong directional conviction exists yet on either side.

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