Chinese Analysts Remain Bullish on Ethereum Despite Recent Price Dip and Market Volatility
Bitcoin and Ethereum have faced substantial selling pressure over the past several days, with Bitcoin hovering near $110,000 while Ethereum has dropped below the $3,400 mark. This downturn has created anxiety among cryptocurrency holders, though some market observers believe the decline may be temporary.
Eugene analyst Jo Tae-na maintains that Ethereum’s current weakness represents a short-term pullback rather than a fundamental shift in the market structure. The South Korea-based Eugene Investments firm published research suggesting that Ethereum retains considerable upside momentum despite the recent price action.
Institutional Support Provides Foundation
According to Jo Tae-na, several factors continue to support Ethereum’s long-term trajectory, including steady ETF inflows and growing institutional demand. The analyst emphasized that increased on-chain activity, combined with supply constraints and institutional capital allocation, is reinforcing the network’s underlying strength.
While acknowledging that overbought conditions could trigger additional near-term weakness, Jo stressed that such corrections wouldn’t derail the broader upward trend. The analyst pointed to significant institutional purchases by companies like SharpLink Gaming and BitMine Immersion Technologies as evidence of sustained institutional interest in ETH.
$ETH longs
4k still in play, minor shakeout on price, large shakeout on positions and sentiment = good.
Alright we post when our longs go up, but equally and for full transparency reasons, we also post when price pulls back locally with the message of what we continue to do… https://t.co/kPEIoLgsl6 pic.twitter.com/fxnWLAG8m7
— Astronomer (@astronomer_zero) July 24, 2025
Technical Outlook and Price Targets
Chinese analyst Eugene Ng Ah Sio has also weighed in with optimistic projections for Ethereum’s recovery. After navigating recent market volatility, Ng Ah Sio expressed confidence that the selling pressure has largely run its course, particularly given Bitcoin’s stabilization above $112,000.
The analyst has established a fresh long position in Ethereum, targeting a move back toward the $3,800-$4,000 range. Ng Ah Sio identified $113,000 for Bitcoin and $3,500 for Ethereum as attractive entry levels, while setting protective stops below $112,000 and $3,400 respectively.
Implications for Market Direction
The bearish sentiment reflected in recent price action may continue to weigh on short-term trading patterns as investors remain cautious. However, institutional backing and technical analysis suggest that any further downside could present strategic buying opportunities for longer-term positions.