 ▲ Ethereum (ETH)/ChatGPT-generated image |
Ethereum (ETH) has entered an unprecedented slump, declining for six consecutive months, as the price gap with Bitcoin—the leading cryptocurrency in the virtual asset market—widens to historic levels.
As of March 2 (local time), Ethereum posted negative returns again in February, marking its sixth straight monthly loss on a monthly candlestick basis. This is the longest sustained downturn in Ethereum’s history, raising concerns that its position as the second-largest asset in the crypto market is being fundamentally shaken. In contrast to Bitcoin (BTC), which has shown relative resilience amid external uncertainties, Ethereum’s weakness has intensified.
Looking at price trends, Ethereum has been struggling to hold support around the $1,900 level after breaking below the psychological $2,000 threshold. Persistent selling pressure over the past six months has pushed investor sentiment beyond fear into a state of apathy. Major moving averages have formed a bearish alignment and continue to slope downward, reinforcing a solid downtrend that makes a technical rebound difficult to expect.
Ethereum’s underperformance is also evident in the ETH/BTC exchange ratio, which reflects its relative value against Bitcoin. The ratio has fallen to its lowest level in years, underscoring the rapid contraction of Ethereum’s market dominance. Major altcoins, including XRP, have mirrored Ethereum’s decline, while market liquidity increasingly concentrates in Bitcoin, accelerating the capital rotation into the leading cryptocurrency.
Experts point to stalled inflows into spot Ethereum ETFs and declining network usage as key factors behind this prolonged downturn. With on-chain activity weakening and competing Layer 1 projects capturing market share, Ethereum’s value proposition appears to have diminished. Large-scale investors, or “whales,” have also refrained from buying amid concerns of further declines, leaving the market without strong support to counter downward pressure.
Ethereum’s six-month losing streak is being viewed as a structural crisis distinct from past corrections that preceded bull markets. For the record-breaking downturn to end, a decisive momentum shift—such as strong technological innovation or significant capital inflows—will be essential. Market participants are making a sober assessment of Ethereum’s long-term viability based on February’s monthly close.
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