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Ethereum traded below $2,000 on March 2 as it neared a rare capitulation pattern. ETH changed hands near $1,938, down about 2.5% on the day, with prices moving between roughly $1,911 and $2,020.
The slide followed six straight monthly declines, which has kept pressure on buyers. Traders now focus on the March close, since another monthly drop would extend the run to seven.
Market data from CoinGlass shows that Ether price has closed lower for six consecutive months, a stretch that last appeared during the 2018 cycle. This history has leaned forecasts toward caution, even when the price briefly reclaimed $2,000.
Derivatives activity has also cooled during the downturn. CoinGlass data shows open interest around $24.6 billion and 24-hour liquidations near $76 million, which signals reduced leverage in the system. Lower leverage can limit forced selling, but it can also reflect weaker risk demand.
Macro conditions have remained a headwind. Traders continue to link the drawdown to tighter financial conditions and slower rotation into risk assets. As a result, rallies have struggled to hold, and sellers have defended rebounds quickly.
On-chain trackers have flagged selling from the largest holders. Analysts tracking wallets with 100,000 to 1,000,000 ETH have reported reserve declines over the past 90 days. Analysts note that the shift has occurred outside exchanges, which can suggest longer-term de-risking rather than short-term trade positioning.
Some analysts still warn that wallet changes can follow custody moves or internal reshuffles. Even so, a steady reduction from that cohort often lines up with softer spot demand and more selling into strength.
Institutional flows have also looked less supportive. Over the last four months, US-listed spot bitcoin and ether ETFs have posted large redemptions, according to SoSoValue figures. Bitcoin ETFs have seen about $6.39 billion leave over four straight months, the longest outflow streak since the products launched in January 2024.
Ether ETFs have also lost about $2.76 billion in the same period. The outflows have tracked the broader price slide, with bitcoin well below its 2025 peak and ether down more than 60% from last year’s high above $4,950. ETF flows offered a clear window into institutional participation after early 2024, but recent inflows have not formed a steady recovery trend.
Technical analysts point to $1,800 as the key downside level. A clean break below that area can trigger stop orders and expose lower support zones from earlier in the cycle. Momentum gauges have weakened as prices have stayed range-bound.
TradingView data indicated the daily RSI in the low 40s, with brief dips closer to the high 30s during sharper sell-offs. This zone can precede relief rallies, but it does not confirm a reversal.
On the upside, charts point to $2,100 to $2,140 as the first area ETH needs to reclaim to improve the near-term setup. If price clears that band and holds it, traders often look next toward $2,400 as the next resistance area.
Also Read: Will ETH Break $2,100 With Mutuum Finance Raising $20.6M?
