Ethereum price has dropped over 7.87% today, testing critical support levels, with $84.5 million in liquidations occurred in the past 24 hours.
Amid the broader crypto market selloff, Ethereum price ETH $4 613 24h volatility: 3.0% Market cap: $558.20 B Vol. 24h: $46.25 B has tanked more than 7.87% while once again testing the crucial support levels of $3,000. With this, ETH has extended its weekly losses to nearly 10% with the 24-hour liquidations soaring to more than $84.5 million.
With Ethereum’s continuous underperformance against other altcoins in the market, investor sentiment has turned low. However, data shows that the February and March months have been historically bullish for the altcoin.
Over the past six years, Ethereum has been posting consistent gains in the month of February. Its most significant gain was last year in February 2024 wherein Ethereum price surged 46%, climbing from $2,280 to close the month at $3,380. Only once in 2018, has ETH price seen a decline following a massive 50% surge in January, as highlighted by CoinGlass data and futures trader CoinMamba on X.
Similarly, March has also been a strong month for March, as ETH recorded gains this month for seven of the past nine years. April has also delivered positive returns in six of those years. Despite recent sluggish price performance, Ethereum supporters and analysts maintain their bullish outlook. Popular crypto analyst Wolf noted:
“With 8 years of experience as an analyst, I can confidently say I’ve never seen a chart as strong as ETH. The potential here is unmatched. It’s the best asymmetrical bet you can make.”
On-Chain Indicators Suggest Ethereum Price Rally Ahead
Popular cryptocurrency analyst Ali Martinez has identified a significant pricing threshold for Ethereum (ETH) in the current market cycle. Martinez noted that in every bullish cycle, Ethereum has historically surpassed the 3.2 MVRV (Market Value to Realized Value) Pricing Band. At present, this critical level is positioned at $6,770, suggesting potential upside for ETH if bullish momentum continues.
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Source: Ali Martinez
Furthermore, despite ETH price underperformance, the fundamentals of the Ethereum blockchain remain robust. Ethereum maintained its status as the highest-earning blockchain in 2024, generating $2.48 billion in fees. This figure is nearly three times the revenue of its closest competitor, Solana, underscoring Ethereum’s dominance in the blockchain ecosystem.
Last week, Ethereum spot ETFs saw a net inflow of $139 million. The BlackRock Ethereum ETF (ETHA) contributed to this with a weekly net inflow of $135 million.
Ethereum educator Anthony Sassano shared his thoughts on the recent leadership changes at the Ethereum Foundation, noting:
“The past week in Ethereum has marked a total shift — not just in vibes, but in the community’s drive to succeed.”
Furthermore, Ethereum co-founder Vitalik Buterin has invested in a startup named Etherealize, which will help to market ETH among Wall Street investors. It will serve as a dedicated marketing and product support team for Ethereum, focused on bridging traditional institutions with the rapidly evolving realms of decentralized finance (DeFi), blockchain applications, and Web3 technologies. Its mission is to simplify Ethereum’s integration, making it more accessible and attractive to businesses and large organizations.
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