$ETH is now showing some of the most extreme oversold readings in its history.

• Down roughly 70% from its all-time high.

• Trading around levels seen 4 years ago.

• Monthly RSI is more oversold than at the 2018 and 2022 bear market bottoms.

• During the last cycle, ETH eventually bottomed after an 82% drawdown from its ATH.

Sentiment around Ethereum is extremely negative right now, and historically that's often when the market starts presenting its best long-term opportunities.

Oversold conditions alone don't guarantee a bottom.

Markets can stay oversold for longer than most traders expect, especially when confidence is low and liquidity remains weak.

That said, we're reaching levels where risk-reward starts becoming much more interesting for patient investors.

• Whether ETH can establish a higher-timeframe base.

• Relative strength versus BTC and other major alts.

• Signs of sustained demand rather than short-term relief rallies.

For now, the data suggests ETH is entering a zone where long-term participants should be paying close attention.

The question is whether the final shakeout has already happened.