Ethereum price ‘double top’ hints at 42% drop as ETH bull market ends

A 357-day downtrend for Ethereum suggests that the bull market has forgotten about ETH. Is a price turnaround in sight?

On March 4, Ethereum’s native token, Ether (ETH), dropped to a new yearly low of $1,996, marking the altcoin’s lowest value since November 2023. In that 24-hour period, roughly $100 million in Ethereum positions were liquidated, with ETH futures open interest (OI) declining 10.31% across all exchanges.

Ethereum 1-day chart. Source: Cointelegraph/TradingView

The second largest cryptocurrency is drawing mixed opinions from the crypto industry. Ethereum’s Pectra upgrade was deployed on the Sepolia testnet on March 5, and Gabriel Halm, a research analyst at IntoTheBlock, believed it could potentially ease ETH’s recent selling pressure. Earlier this week, Halm said,

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