The recent pullback in the crypto markets has been causing quite a stir, with over $200 billion wiped out in just a few days. While major tokens are trying to recover from the losses, Ethereum’s price rally is showing some concerning signs. The price has dipped below a crucial support line that has been holding strong for years, signaling a bearish trend for the ETH price rally. If bulls fail to defend key support levels, the token could potentially drop to $1500.
In February, Ethereum has been hit harder than Bitcoin, and this trend is expected to continue into March. For the first time ever, Ethereum’s price has been printing massive bearish candles in Q1. Additionally, Ethereum ETFs are currently trading 25% below fair value, with over $370 million pulled from spot ETFs in March 2025.
As we approach the end of the quarter, the bearish pressure on Ethereum is intensifying. The price recovery is sluggish, falling below key moving average levels and indicating a looming downtrend. The price has even dropped below the 200-day MA for the first time since the 2021 bull run, signaling the start of a new bearish phase.
In the long term, Ethereum’s price has fallen below the support of a decisive symmetrical triangle, and a close below this range could lead to even lower targets below $1500. The volume has been fluctuating but remains under bearish influence, while the monthly RSI has dropped to levels last seen during the 2022 bottoms.
With technical indicators pointing towards a bearish crossover, Ethereum’s price is expected to drop significantly. The Ichimoku cloud and the DMI are on the verge of turning bearish, further indicating a downward trend for the crypto. While a rebound from support could potentially boost the price, the overall outlook remains bearish.
If Ethereum manages to reclaim $2000 before the monthly close, it may continue to test higher targets. However, if it fails to do so, a drop to $1500 could be on the horizon. The upcoming monthly close will play a crucial role in determining the future price action of Ethereum.