Ethereum (ETH) continues failing to reclaim the $2,100 resistance, dropping 6% in the past week. As the second largest crypto trades within its “make or break” levels, some market watchers suggest it will continue to move sideways before another major move.

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Ethereum Trades At 2023 Levels

After closing its worst Q1 since 2018, Ethereum continued moving sideways, hovering between the $1,775-$1,925 price range. Amid last Monday’s recovery, Ethereum traded only 6% below its monthly opening, eyeing a potential positive close in the monthly timeframe.

Nonetheless, the cryptocurrency fell over 10% from last week’s high to close the first quarter 45.4% below its January opening and 18.6% from its March opening. Moreover, it registers its worst performance in seven years, recording four consecutive months of bleeding for the first time since 2018.

Daan Crypto Trades noted that ETH is “still trading in no man’s land” despite its recent attempts to break above its current range. In early March, Ethereum dropped below the $2,100 mark, losing its 2024 gains and hitting a 16-month low of $1,750.

The trader suggested that the crucial levels to watch are a breakdown below $1,750 or a breakout above $2,100. “Anything in between is just going to be a painful chop,” he added.

Another market watcher, Merlijn The Trader, highlighted that ETH is at 2021 levels, pointing that it is trading within the breakout zone that led to Ethereum’s all-time high (ATH) but has stronger fundamentals and more institutional demand four years later.

“ETH is sitting on the same monthly support that ignited the 2021 bull run. Hold it, and $10K is in play. Lose it… and things get ugly,” he detailed.

More Chop Before ETH’s Next Move?

Analyst VirtualBacon considers that Ethereum will continue to trade within its current price range for the time being. He explained that ETH’s price has fallen to retest the last bear market resistance levels, as it has erased all its gains since November 2023.

The analyst considers this zone a “good value range” but doesn’t expect the cryptocurrency to break out “right away.” However, he added that a bullish breakout is “simply a matter of time” in longer timeframes.

“Ethereum always catches up when the Fed pivots and the global liquidity index beings to uptrend. That’s when you see the ETH/BTC ratio start to turn up again, leading the rest of the altcoin market,” he concluded.

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Ali Martinez pointed out that the number of large ETH transactions has significantly declined in over a month, dropping 63.8% since February 25.

During this period, large transactions fell from 14,500 to 5,190, signaling a drop in whale activity on the network. He also noted that whales have sold 760,000 ETH in the last two weeks.

As of this writing, Ethereum trades at $1,903, a 6% drop in the weekly timeframe.

Featured Image from Unsplash.com, Chart from TradingView.com

Crypto analyst Klejdi has indicated that Ethereum’s pain is far from over, with the second-largest crypto by market cap set to suffer a further downtrend. Specifically, he warned that ETH could still drop to as low as $1,400 before it finds a bottom. 

Ethereum May Still Drop To As Low As $1,400

In a TradingView post, Kledji stated that Ethereum may drop to $1,400, providing a bearish outlook for the altcoin, which has underperformed other top cryptocurrencies. The analyst noted that ETH lost nearly 12% of its value within just three days after breaking out of its recent pattern last Friday.  

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He further mentioned that Ethereum’s movement and the rest of the crypto market are closely tied to Bitcoin. As such, this ETH crash is likely to happen, seeing as the flagship crypto has dropped to $81,300 and is already showing signs of further decline. 

Klejdi highlighted in his accompanying chart that ETH will likely consolidate near its current level before continuing to move lower. However, the chart showed that the move to this $1,400 target will likely happen this month. 

In the meantime, the analyst believes it would be wise to wait for Ethereum’s price to form another bearish pattern before entering a trade. He again reaffirmed that there is a strong possibility that ETH may extend its drop to $1,400. 

Ethereum whales are already capitulating ahead of this projected price crash. Onchain analytics platform Lookonchain revealed an ETH OG that has sold off all its holdings. This investor bought 5,0001 ETH while trading at $277 in 2017 and didn’t sell when the altcoin hit its ATH during the last bull run. The whale started selling last month, possibly giving up on Ethereum making a comeback anytime soon. 

ETH Will Still Reach New Highs

Crypto analyst Virtual Bacon is still confident that Ethereum will reach new highs. He noted that ETH is back at its key bear market breakout zone, retesting the $1,700 and $2,100 range. He predicts that the altcoin will continue to chop around this range in the short term. However, he remarked that Ethereum tends to catch up fast once the US Federal Reserve pivots and global liquidity turns. 

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Crypto analyst Crypto Patel affirmed that Ethereum’s biggest run is coming. He stated that Q2 to Q4 of this year will be life-changing for ETH. The analyst added that this could be the cycle top window and advised market participants not to miss it. Crypto Patel advised that they should accumulate between $1,900 and $1,300 with the target of between $7,000 and $10,000 in mind. 

At the time of writing, the Ethereum price is trading at around $1,850, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from iStock, chart from Tradingview.com

Ethereum continues to face strong headwinds as it trades below the $1,900 mark, with bullish momentum fading and market sentiment growing increasingly fearful. After a brief attempt to stabilize, ETH has resumed its downward trajectory, now down over 35% since late February. Price action remains weak, and investors are bracing for more potential downside as selling pressure shows no sign of easing.

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Contributing to the bearish outlook, on-chain data from Santiment reveals that whales have offloaded approximately 760,000 ETH in just the past two weeks. This significant sell-off by large holders adds weight to the growing concerns that the market may be entering a deeper correction phase. When whales exit in size, it often reflects declining confidence and triggers a wave of additional selling from smaller investors.

With macroeconomic uncertainty still shaking financial markets and Ethereum’s key support levels under threat, the outlook for ETH remains fragile. Bulls must act fast to reclaim momentum and prevent a slide into lower demand zones. Until then, the combination of fading demand, technical weakness, and aggressive whale selling continues to cloud Ethereum’s near-term path, leaving traders on edge as the next move unfolds.

Ethereum Whale Selling Grows and Market Confidence Fades

Ethereum continues to show signs of sustained selling pressure, and the broader market is starting to accept that the current downtrend may persist. With ETH trading well below key resistance levels and struggling to hold above $1,900, confidence among traders and investors is weakening. Macroeconomic uncertainty, fueled by rising global tensions, unstable interest rate expectations, and unpredictable policy moves, has shaken financial markets. High-risk assets like Ethereum are taking the hardest hits, with volatility amplifying every move.

Despite the weakness, there’s still a glimmer of optimism across the market. Some investors believe Ethereum could mount an aggressive recovery, especially if broader conditions stabilize or if ETH finds strong support around current levels. However, that optimism is starting to fade in the face of poor price action and concerning on-chain data.

Top analyst Ali Martinez shared insights on X, revealing that whales have sold approximately 760,000 ETH over the past two weeks. This significant offloading by large holders adds to the ongoing bearish pressure and suggests that confidence among big players is declining. Whale movements are closely watched, as they often precede or confirm broader market trends.

Still, markets are dynamic, and this trend could shift quickly. If Ethereum can hold key support zones and macroeconomic conditions begin to calm, the same large players currently selling may reenter the market in anticipation of the next rally. For now, though, Ethereum remains in a fragile state, with continued selling and cautious sentiment likely to dominate the short-term outlook. Bulls must step in soon to shift the trend — or risk watching ETH slide further in the weeks ahead.

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Bulls Struggle to Reclaim Key Levels

Ethereum is currently trading at $1,880 after several days of weak price action, caught in a tight range between $2,000 resistance and $1,750 support. Despite multiple attempts, bulls have failed to reclaim the critical $2,000–$2,200 zone — a level that would signal strength and potentially mark the beginning of a broader recovery phase. Instead, ETH remains trapped in a downtrend, with momentum continuing to favor the bears.

The inability to push higher is putting bulls in a vulnerable position. With Ethereum now hovering just below the $1,900 level, the coming days are crucial. If ETH fails to hold above this mark and cannot break back above $2,000 with conviction, a sharp drop is likely. Such a move could lead to a retest of the lower $1,700s or even deeper, especially if broader market sentiment remains negative.

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As macroeconomic instability and market uncertainty persist, investors are growing cautious, and risk appetite continues to fade. For Ethereum to avoid a deeper selloff, bulls must step in quickly, reclaim lost ground, and reestablish confidence above the $2,000 level. Until then, the path of least resistance appears to remain to the downside.

Featured image from Dall-E, chart from TradingView