On March 4th, Ethereum’s native token, Ether (ETH), marked its lowest Altcoin since November 2023, fell to a new annual low of $1,996. Over that 24 hours, around $100 million was liquidated in the Ethereum position, with ETH futures down 10.31% for all exchanges (OI).
Ethereum 1-day chart. Source: CointeLegraph/TradingView
Is the price of ether at the entrance to the generation or is it a lost cause?
The second largest cryptocurrency is drawing a variety of opinions from the crypto industry. The Ethereum Pectra upgrade was rolled out on Sepolia Testnet on March 5th, and Gabriel Halm, research analyst at Intotheblock, believed it could ease ETH’s recent sales pressure. Earlier this week, Harm said,
“The upcoming Pectra upgrades for Ethereum will not necessarily trigger instant-price bumps, but they show significant progress in the continuous improvement of the Ethereum Ecosystem.”
Similarly, crypto analyst Louis elicited the similarities between Ethereum’s current bearish plight and Bitcoin in 2023. Analysts imply that both assets exhibit similar price structures, market sentiment and catalysts.
Ethereum vs Bitcoin comparison chart. Source: X.com
On the contrary, market analyst Matthew Hyland said Ethereum is probably already in the bear market. Ethereum objectively believed that there was no correlation between BTC and ETH in the current market with a 357-day downward trend. The analyst said,
“Until a year ago, everything was in the bear together with the bull and now they’re mixed together.”
Additionally, analysts said that ETH price bottom could potentially outline the start of the next cycle.
Meanwhile, the double-top patterns seen on weekly and monthly charts increase the chances of deeper corrections for Altcoin.
Crypto commentator Nebraskangooner told 379,900 followers that the measured failure target is about $1,200, based on the pattern, 42% lower than the current price of ETH.
Related: Why is the Crypto market going down today?
Only 26% of Ethereum addresses are profitable
Between December 1, 2024 and March 4, 2025, Ethereum prices fell 50% in just 78 days. Such a dramatic correction is common in low-cap crypto assets, but ETH lost more than $250 billion in market capitalization during that period.
This sharp, weak turnaround has undoubtedly impacted investors, with Intotheblock data suggesting that only 26% of all addresses holding 36.92 million ETH are profitable. An astounding 70% of addresses are “out of money” and only 4.46% are Breakeven Value.
Active address by profitability. Source: IntotheBlock
From a technical standpoint, Ethereum’s weekly ends with a 980-day uptrend, dating back to the lowest speeds of previous cycles in June 2022. Below the ascending trend line indicates a reversal of the long-term trend.
However, Altcoin has recovered sharply over the past 24 hours, up 12% from its recent low to $2,242, $1,996.
Ethereum one-week chart. Source: CointeLegraph/TradingView
The relative strength index (RSI) also fell to a multi-year low, further confirming the bearishness of Ethereum’s long-term market structure. However, in the short term it could potentially imply vulnerability in sales pressure, leading to a relief rally.
Related: Bitcoin is hanging towards $80k when the US dollar’s strength bounces low for 12 weeks
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
