Ethereum (ETH) officially lost its $2,000 mark and plunged to its lowest level since October 2023 as sales pressure intensified. Prices have recently fallen at $1,750, marking a dramatic decline of $4,100 from the December 2024 high. This 57% crash creates a difficult environment for bulls, and Ethereum is struggling to find support amid the weakness of the wider market.
Due to the slump in the crypto market, ETH remains vulnerable, with investors concerned about further negative side risks. Macroeconomic uncertainty and bearish sentiment dominated Ethereum remained in a fragile position and failed to regain its main levels of resistance.
Cryptoquant’s on-chain data reveals that the Ethereum whales, which hold 1,000-10,000 ETH, are officially holding losses for the first time since 2023.
With ETH at a critical time, traders are closely watching whether they can recover steadily and whether sales pressures will continue to lower prices. The next few weeks will be important for Ethereum’s long-term trends.
Ethereum continues its struggle for multi-year support as market weakness continues
Ethereum (ETH) is currently below multi-year support levels, but is now a strong zone of resistance. As ETH can’t regain the $1,900-$2,000 level, the bull has lost momentum and bearish sentiment continues to dominate the market. Investors continue to stay as Ethereum can’t find stability, and it’s unclear if there’s any further downside ahead.
The broader market collapse is driven by the increasing fear and uncertainty of the world trade war surrounding the US President Trump’s policies. Since the US election in November 2024, macroeconomic instability and volatility have shaken both the crypto and stock markets. These uncertain conditions have pushed the US stock market to its lowest level since September 2024, further strengthening risk-off sentiment. As a result, Ethereum and other major cryptocurrencies are struggling to extend the current downward trend and find strong demand.
Top analyst Quinten Francois shared the unrealized return rate of ETH whales, revealing that the Ethereum whales, holding 1,000-10,000 ETH, are officially underwater. This suggests that even large holders have experienced unrealized losses and that sales pressures could increase if market conditions fail to improve. Historically, when whales go underwater, markets tend to enter a long period of uncertainty and integration. Whale yield or accumulation at these levels has a major impact on Ethereum’s price cycle.
With ETH below critical levels and market sentiment deeper and weaker, the next few weeks will be important in determining whether Ethereum can stabilize and recover lost ground, or whether continuous breakdowns are inevitable. The bull needs to quickly regain strength. Or, ETH could be heading towards a deeper loss.
ETH is struggling to get back $2,000
Ethereum (ETH) is currently trading at $1,910, following massive sales pressure caused by a loss of a critical support level of $2,000. This break under the key psychological zone has strengthened bearish emotions, leading to increased volatility and weaker market structure.
The Bulls are currently trying to revive the $2,000 mark as soon as possible to stop selling pressure and stabilize price action. Successful pushes above this level indicate a potential recovery stage and further reduces the risk of downsides. However, ETH is below the main technology level. If they retain current support and are unable to recover $2,000, the market may be seeing a continuation of the downtrend.
Despite recent decline, analysts suggest that Ethereum can experience a sharp recovery when it sets local lows. Historically, ETH has seen strong rebounds following major sales. If the Bulls can push prices back above the resistance zone, the move to a higher level could unfold quickly. The next few trading sessions will determine whether ETH can regain strength or whether the outcome will deepen further.
Dall-E special images, TradingView chart
