Ethereum (ETH) has revisited yearly lows after losing the key $2,000 support, registering its worst performance in years. Some analysts forecasted another 15% drop if the trend continues but suggested that ETH could see a bullish end-of-year.<\/p>\n
Ethereum experienced a 15% correction on Monday, falling from $2,150 to $1,810. ETH\u2019s performance followed Bitcoin (BTC) and the rest of the market\u2019s pullback<\/a>, which saw the flagship crypto drop to $76,000 for the first time since the post-election breakout started.<\/p>\n As the retrace continued, the second-largest cryptocurrency by market capitalization dropped to its lowest level since November 2023, touching the $1,750 mark before recovering the $1,900 support.<\/p>\n Some market watchers pointed out that Ethereum has been in a three-month downtrend, retracing around 53% since its December peak. Trader Crypto Rand noted<\/a> that the King of Altcoins has 20 days \u201cto turn green,\u201d or \u201cit will be the first time since 2018 that ETH has experienced 4 x months of red in a row.\u201d<\/p>\n That year, ETH spent seven consecutive months recording double-digit losses, losing approximately 80% of its value from May until November. CoinGlass data shows that March tends to be a favorable month for the cryptocurrency, with an average 20% return since 2016.<\/p>\n In 2024, the cryptocurrency closed the month with 9.33% gains, following a strong 46% performance in February. However, market sentiment has declined after back-to-back negative performances this year, with a 1.98% and 31.95% decline in January and February, respectively.<\/p>\n The cryptocurrency registers<\/a> a 15.12% loss Month-to-Date (MTD) and could see its worst Q1 close since 2018 at current levels. As a result, Ethereum must close this month above the $2,237 mark to prevent its second-worst historical performance.<\/p>\n Some market watchers highlighted that the cryptocurrency\u2019s current performance reached FTX-crash levels, with sentiment leaning towards a deeper correction. Crypto analyst Ted Pillows noted<\/a> that Ethereum could see another 15% correction now that the $2,000 support has been lost.<\/p>\n According to the post, \u201cthere\u2019s a good chance ETH will retest the $1.6K-$1.8K level\u201d as the \u201cmanipulation phase is ongoing.\u201d The analyst suggested a potential Power of Three (Po3) pattern on ETH\u2019s chart, which divides the price cycle into three distinctive phases: accumulation, manipulation, and distribution.<\/p>\nETH Drop To $1,600 Coming?<\/h2>\n