Ethereum might be at the end of its brutal bear market, according to market indicators.
March marked Ethereum's fourth consecutive red monthly candle, in which the cryptocurrency lost a staggering 18.47% of its value.
Ethereum has historically bottomed out against the bears after three or more consecutive candles on the monthly timeframe.
Despite the gloom across the market, the whales seem to be accumulating Ethereum.
According to analyst Rekt Capital, Ethereum’s dominance has fallen to 8%, which has historically served as a strong pivot zone.
Ethereum, the second largest cryptocurrency by marketcap is currently ending a brutal bear market, according to market indicators.
After enduring four straight months of losses and a steep decline, sentiment has been bearish so far.
However, a closer look at the market shows that a turning point could be on the horizon.
Has Ethereum hit a bottom? Let’s find out.
Four Red Candles Signal Longest Downtrend
March marked Ethereum's fourth consecutive red monthly candle. The token lost a staggering 18.47% of its value during the month in a bearish streak that hadn't been seen since the depths of the 2022 bear market.
Ethereum had been closing lower with each passing month, in a negative trend.
However, Ethereum has historically bottomed out against the bears after three or more consecutive candles on the monthly timeframe.
Since the launch of the cryptocurrency in the early 2010s, this trend has held a total of five times.
Each of these times, the asset found a short-term bottom and then recovered soon after.
For example, 2018 saw seven consecutive losing months before rebounding by a staggering 80% in a few months.
A similar setup emerged in 2022, and if history is any guide, a reversal could be close for this cryptocurrency.
Crypto analyst Merlijn The Trader recently referenced the 2018 bear market and how Ethereum ended up with a staggering rally of over 4,200%.
While no one expects another 4,200% rally from Ethereum this far into the market, the similarities between both of these scenarios are hard to ignore.
Etheruem is behaving exactly how it did in 2018 with falling prices, fees and a crash in investor sentiment.
So far, Ethereum’s historical patterns from Coinglass show that Q2s tend to be its strongest.
On average, Q2 has produced gains of over 60% for the cryptocurrency, with April being the major kickstarter of this rally.
ETH/BTC Ratio Drops to 5-Year Low
Another major factor in this bullish momentum is the recent underperformance of Ethereum relative to Bitcoin.
On 30 March, the ETH/BTC ratio dropped to a fresh low of around $0.021, which was last seen since in May 2020, when ETH was trading between $150 and $300.
This sharp decline shows that Ethereum is lagging strongly behind Bitcoin.
Investors who are measuring Ethereum's strength against the rest of the market might find this to be a very worrying sign.
However, some analysts see this trend as a possible bottoming signal.
According to crypto analyst VentureFounder, the ETH/BTC ratio could still dip further down and range between the 0.017 and 0.022 zones before rebounding.
He also drew parallels to the 2018–2019 tightening cycle by the U.S. Federal Reserve.
According to the analyst, the cryptocurrency could begin to recover after the Fed's May FOMC meeting, when the Federal Reserve might shift its policy from quantitative tightening to easing.
Whale Activity Tells a Different Story
Despite the gloom across the market, the whales seem to be accumulating Ethereum, almost like they know something the retailers do not.
According to recent insights from LookOnChain, a whale wallet started buying ETH on 26 March.
This whale has since hoarded around 33,441 ETH (worth around $65 million) with an average purchase price of around $1,959 per token.
Rather than selling or holding this stash in cold storage, this whale proceeded to deposit it all into Aave to earn a 1.97% annual yield.
This move shows strong long-term conviction and is often considered a sign of “smart money.”
The same wallet bought 4,100 ETH at $1,785 each on 4 April, further confirming their accumulation trend at these price levels.
Ethereum Dominance Falls to a Crucial Support Level
More on why Ethereum might have hit a bottom, the cryptocurrency's dominance, or its share of the overall crypto market cap has now plummeted from 20% in June 2023 to just 8% today.
According to analyst Rekt Capital, this 8% level has historically served as a strong pivot zone for Ethereum.
In the past, Etheruem’s visits to this zone were followed by trend reversals.
While this is not a surefire guarantee of a turnaround, it combines well with other historical signals to show that an Ethereum bottom could be here.
However, Ethereum remains down by over 46% over the past year.
Another major metric showing the waning activity on Ethereum is its transaction fees.
According to IntotheBlock, the network’s fees dropped by around 59.6% in Q1 2025 to just $208 million.
This marked the lowest quarterly revenue for the cryptocurrency since 2020.
While lower fees are good for users, they show a reduction in reduced network demand, which is the ultimate bottom signal for the Ethereum network.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Ethereum at Rock Bottom? Whales and Chart Patterns Hint at a Reversal
Key Insights
Ethereum, the second largest cryptocurrency by marketcap is currently ending a brutal bear market, according to market indicators.
After enduring four straight months of losses and a steep decline, sentiment has been bearish so far.
However, a closer look at the market shows that a turning point could be on the horizon.
Has Ethereum hit a bottom? Let’s find out.
Four Red Candles Signal Longest Downtrend
March marked Ethereum's fourth consecutive red monthly candle. The token lost a staggering 18.47% of its value during the month in a bearish streak that hadn't been seen since the depths of the 2022 bear market.
Ethereum had been closing lower with each passing month, in a negative trend.
However, Ethereum has historically bottomed out against the bears after three or more consecutive candles on the monthly timeframe.
Since the launch of the cryptocurrency in the early 2010s, this trend has held a total of five times.
Each of these times, the asset found a short-term bottom and then recovered soon after.
For example, 2018 saw seven consecutive losing months before rebounding by a staggering 80% in a few months.
A similar setup emerged in 2022, and if history is any guide, a reversal could be close for this cryptocurrency.
Crypto analyst Merlijn The Trader recently referenced the 2018 bear market and how Ethereum ended up with a staggering rally of over 4,200%.
While no one expects another 4,200% rally from Ethereum this far into the market, the similarities between both of these scenarios are hard to ignore.
Etheruem is behaving exactly how it did in 2018 with falling prices, fees and a crash in investor sentiment.
So far, Ethereum’s historical patterns from Coinglass show that Q2s tend to be its strongest.
On average, Q2 has produced gains of over 60% for the cryptocurrency, with April being the major kickstarter of this rally.
ETH/BTC Ratio Drops to 5-Year Low
Another major factor in this bullish momentum is the recent underperformance of Ethereum relative to Bitcoin.
On 30 March, the ETH/BTC ratio dropped to a fresh low of around $0.021, which was last seen since in May 2020, when ETH was trading between $150 and $300.
This sharp decline shows that Ethereum is lagging strongly behind Bitcoin.
Investors who are measuring Ethereum's strength against the rest of the market might find this to be a very worrying sign.
However, some analysts see this trend as a possible bottoming signal.
According to crypto analyst VentureFounder, the ETH/BTC ratio could still dip further down and range between the 0.017 and 0.022 zones before rebounding.
He also drew parallels to the 2018–2019 tightening cycle by the U.S. Federal Reserve.
According to the analyst, the cryptocurrency could begin to recover after the Fed's May FOMC meeting, when the Federal Reserve might shift its policy from quantitative tightening to easing.
Whale Activity Tells a Different Story
Despite the gloom across the market, the whales seem to be accumulating Ethereum, almost like they know something the retailers do not.
According to recent insights from LookOnChain, a whale wallet started buying ETH on 26 March.
This whale has since hoarded around 33,441 ETH (worth around $65 million) with an average purchase price of around $1,959 per token.
Rather than selling or holding this stash in cold storage, this whale proceeded to deposit it all into Aave to earn a 1.97% annual yield.
This move shows strong long-term conviction and is often considered a sign of “smart money.”
The same wallet bought 4,100 ETH at $1,785 each on 4 April, further confirming their accumulation trend at these price levels.
Ethereum Dominance Falls to a Crucial Support Level
More on why Ethereum might have hit a bottom, the cryptocurrency's dominance, or its share of the overall crypto market cap has now plummeted from 20% in June 2023 to just 8% today.
According to analyst Rekt Capital, this 8% level has historically served as a strong pivot zone for Ethereum.
In the past, Etheruem’s visits to this zone were followed by trend reversals.
While this is not a surefire guarantee of a turnaround, it combines well with other historical signals to show that an Ethereum bottom could be here.
However, Ethereum remains down by over 46% over the past year.
Another major metric showing the waning activity on Ethereum is its transaction fees.
According to IntotheBlock, the network’s fees dropped by around 59.6% in Q1 2025 to just $208 million.
This marked the lowest quarterly revenue for the cryptocurrency since 2020.
While lower fees are good for users, they show a reduction in reduced network demand, which is the ultimate bottom signal for the Ethereum network.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.