Could Bitwise’s Recovery Thesis Push ETH to a New ATH? 🚀
Bitwise believes Ethereum’s current setup closely mirrors its early-2023 recovery phase — when prices stayed flat while on-chain activity quietly hit record highs. According to the firm, Q4 2025 likely marked a broader crypto market bottom, and ETH fundamentals have strengthened significantly since then.
What stands out now is whale behavior. Smaller holders are trimming exposure, but large entities are aggressively absorbing supply. Big-ticket transactions ($100K–$1M+) are rising again, a pattern last seen before ETH printed its previous ATH near $4,955. If this momentum continues, Q1 2026 could see a similar impulsive move.
From a technical view, ETH is holding a key multi-year trendline around $3,000 while compressing below the 200-day EMA. This “coiling” structure often precedes high-volatility breakouts. A successful reclaim of the 200-day EMA could open the door toward $3,800+, with higher targets in play.
With declining exchange reserves, strong network usage, and potential catalysts like clearer regulation and broader ETF access, the groundwork for a renewed ETH rally looks increasingly solid.
Is ETH preparing for its next all-time high? 👀
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