Ethereum is on the verge of an unprecedented downturn, potentially closing three straight quarters of losses for the first time in its history. After ending the previous quarter in negative territory, ETH’s price has continued to slide through the current one, raising concerns about prolonged bearish trends.
What complicates the outlook is the contrasting behavior among key institutional investors. BlackRock has reportedly sold Ethereum consistently over a recent seven-day span, contributing downward pressure on the market. This selling wave stands in stark contrast to Bitmine’s aggressive purchase spree, which included adding more than 27,000 ETH recently, boosting its stake to nearly 4.72% of Ethereum’s total supply.
At the time of reporting, Ethereum traded just below the $1,600 mark, struggling to regain this psychological resistance level. Technical indicators such as the Relative Strength Index (RSI) point to weak momentum among buyers, while the Chaikin Money Flow (CMF) suggests that capital inflow persists despite price declines. This interplay of selling and buying from two of the largest players has prevented the market from tipping entirely in one direction.
The coming weeks hold critical importance for Ethereum’s trajectory. A sustained move above $1,600 would signal a potential reversal, offering relief to cautious traders and investors looking to stabilize market sentiment. Otherwise, the quarterly trend of losses may solidify, marking a notable shift for the cryptocurrency’s performance.