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
