Ethereum (ETH) has officially lost the $2,000 mark, plunging to its lowest levels since October 2023 as selling pressure intensifies. The price recently dropped as low as $1,750, marking a dramatic decline from its December 2024 high of $4,100. This 57% crash has created a difficult environment for bulls, with Ethereum struggling to find support amid broader market weakness.

The crypto market downturn has left ETH vulnerable, with investors concerned about further downside risks. With macroeconomic uncertainty and bearish sentiment dominating, Ethereum remains in a fragile position, failing to reclaim key resistance levels.

On-chain data from CryptoQuant reveals that Ethereum whales holding 1,000–10,000 ETH are now officially holding at a loss for the first time since 2023. Large holders are seeing unrealized losses, which could impact market sentiment and future price action.

With ETH at a critical juncture, traders are closely watching whether it can stabilize and recover or if selling pressure will continue to drive prices lower. The next few weeks will be crucial for Ethereum’s long-term trend.

Ethereum Struggles Below Multi-Year Support as Market Weakness Continues

Ethereum (ETH) is currently trading below a multi-year support level, which has now turned into a strong resistance zone. As ETH fails to reclaim the $1,900–$2,000 level, bulls are losing momentum, and bearish sentiment continues to dominate the market. With Ethereum unable to find stability, investors remain on edge, unsure whether further downside is ahead.

The broader market breakdown has been driven by rising global trade war fears and uncertainty surrounding U.S. President Trump’s policies. Since the U.S. elections in November 2024, macroeconomic instability and volatility have shaken both the crypto and stock markets. These uncertain conditions have pushed the U.S. stock market to its lowest levels since September 2024, further intensifying the risk-off sentiment. As a result, Ethereum and other major cryptocurrencies have struggled to find strong demand, prolonging the current downtrend.

Top analyst Quinten Francois shared the ETH Whales Unrealized Profit Ratio, revealing that Ethereum whales holding 1,000–10,000 ETH are officially underwater. This suggests that even large holders are experiencing unrealized losses, potentially increasing sell pressure if market conditions fail to improve. Historically, when whales go underwater, the market tends to enter a prolonged period of uncertainty and consolidation. Whale capitulation or accumulation at these levels has significantly affected Ethereum’s price cycles.

With ETH below key levels and the market sentiment deeply bearish, the next few weeks will be crucial in determining whether Ethereum can stabilize and reclaim lost ground or if a continued breakdown is inevitable. Bulls need to regain strength quickly, or ETH could be heading for deeper losses.

ETH Struggles to Reclaim $2,000

Ethereum (ETH) is currently trading at $1,910, following massive selling pressure triggered by its loss of the critical $2,000 support level. The break below this key psychological zone has intensified bearish sentiment, leading to increased volatility and a weaker market structure.

Bulls are now attempting to reclaim the $2,000 mark as quickly as possible to stop the selling pressure and stabilize price action. A successful push above this level would signal a potential recovery phase, reducing the risk of further downside. However, ETH remains below key technical levels, and if it fails to hold current support and reclaim $2,000, the market is likely to see a continuation of the downtrend.

Despite the recent decline, analysts suggest that Ethereum could experience a sharp recovery once it sets a local low. Historically, ETH has seen strong rebounds following major sell-offs, and if bulls manage to push the price back above resistance zones, a move toward higher levels could unfold quickly. The next few trading sessions will determine whether ETH can regain strength or if the downtrend will deepen further.

Featured image from Dall-E, chart from TradingView

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Ethereum (ETH) has tumbled to a 4-year low against Bitcoin (BTC), further eroding investor confidence in the second-largest cryptocurrency by market cap. The last time ETH was this weak against BTC was back in December 2020.

Ethereum Continues To Lose Ground To Bitcoin

Ethereum hit a fresh multi-year low against the leading cryptocurrency, as the ETH/BTC trading pair – also known as the ETH/BTC ratio – dropped to 0.02284. The following monthly chart illustrates how ETH has been on a consistent downtrend against BTC for the past four consecutive months.

Adding to ETH’s struggles is its declining market dominance. At the time of writing, the smart contract token’s market dominance stands at 8.6%. For context, ETH’s market dominance was hovering slightly above 18% in March 2024.

ETH’s persistent underperformance relative to BTC becomes clear when comparing historical ratios. In 2017, one BTC could buy approximately six ETH. In 2025, one BTC now buys as much as 42 ETH.

Data from crypto exchange-traded funds (ETF) tracker SoSoValue also reveals that Ethereum ETFs are seeing a sharp decline in interest, likely driven by ETH’s sluggish price performance over the past two to three years.

The following chart illustrates how the total net asset value in Ethereum ETFs has plunged from $14.28 billion on December 15, to $6.65 billion as of March 9. In that same period, ETH’s price has more than halved, dropping from $4,043 to just above $1,800 at the time of writing.

As ETH struggles to reclaim the critical $2,000 price level, seasoned crypto analyst Ali Martinez has identified key resistance zones. In an X post, Martinez noted that ETH faces heavy resistance between $2,250 and $2,610, where over 12 million investors purchased more than 65 million ETH.

Can ETH Stage A Comeback?

Another indicator of waning investor confidence is the declining proportion of staked ETH in the network. A recent report highlighted that ETH staking has dropped sharply from its November 2024 peak.

Moreover, price analysis based on MVRV Pricing Bands suggests that if ETH fails to break above $2,060, it could slide further, potentially reaching as low as $1,440. Ethereum whales – wallets holding more than 10,000 ETH – also appear to be losing confidence, with some large holders offloading their assets.

However, on a brighter note, excessive bearish sentiment around ETH could spark a short squeeze, potentially propelling the cryptocurrency toward $3,000. At press time, ETH trades at $1,884, down 1.7% in the past 24 hours.

Featured Image from Unsplash.com, Charts from SoSoValue.com and TradingView.com

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According to a recent X post by seasoned crypto analyst Ali Martinez, Ethereum (ETH) price could face further decline as it risks breaking down from an ascending triangle pattern – potentially crashing to as low as $800.

Ethereum To Crash To $800?

Ethereum (ETH) has struggled over the past three years, failing to reclaim its all-time high (ATH) of $4,878 from November 2021. Meanwhile, other cryptocurrencies like Bitcoin (BTC) and Solana (SOL) have surged to new ATHs earlier this year.

Amid a broader crypto market pullback driven by geopolitical tensions and tariff concerns, ETH has fallen 30% in the past month – dropping from $2,800 on February 13 to around $1,900 at the time of writing.

That said, Ethereum’s woes may still continue. Recent price analysis by Martinez highlights how ETH has been trading in an ascending triangle, and has so far failed to decisively break through the $4,000 resistance level.

The leading smart contract token has now broken down from the pattern, raising the possibility of a crash to as low as $800. The last time ETH traded at $800 was way back in December 2020.

Ethereum’s below average price performance relative to other digital assets is further hampered by the relentless selling it has witnessed over the past few months. A post by CryptoQuant CEO, Ki Young Ju, shows that since January 2020, ETH has faced the highest selling in the first three months of 2025.

Further, recent analysis by another crypto analyst, Ted, emphasizes the similarity between the current ETH price crash and the capitulation candle in March 2020 due to the COVID pandemic. The analyst said:

I wouldn’t be surprised if ETH goes a bit lower from here towards $1.4K-$1.6K level. But that doesn’t mean everything is over. $10K ETH will happen this cycle.

All May Not Be Lost For ETH

While there is considerable pessimism about ETH’s short-term price action, some analysts suggest that the digital asset may soon witness a swift price recovery.

For instance, crypto trader Merlijn The Trader brought attention to Ethereum’s 3-year Stochastic Relative Strength Index (RSI) level. The analyst noted that ETH’s Stochastic RSI is significantly oversold, raising optimism for a potential “massive rally.”

For the uninitiated, the Stochastic RSI is a momentum indicator that shows whether an asset is overbought or oversold by comparing the RSI to its recent range. It moves between 0 and 1, with values above 0.8 suggesting overbought and below 0.2 indicating oversold conditions.

In addition, recently crypto analyst Crypto Yoddha stated that ETH may have already hit the bottom for this market cycle. At press time, ETH trades at $1,854, down 1.2% in the past 24 hours.

Featured image from Unsplash, Charts from X and TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.