Ethereum is hovering around $1,670, down more than 66% from its late-2025 high near $4,800. The second-largest cryptocurrency by market cap is experiencing one of its weakest multi-month stretches since the 2022 bear market.
Third Straight Quarter of Double-Digit Losses
Analyst Daan Crypto Trades notes that ETH fell roughly 29% in Q1 and is down over 20% in Q2 with weeks still left in the quarter. That follows a 28% decline in Q4 2025, putting Ethereum on track for three consecutive quarters with losses exceeding 20%. Daan argues that Ethereum still plays a key role in tokenization, DeFi, and blockchain infrastructure, and current prices are becoming attractive for long-term holders. "Finally attractive again for longer-term accumulation," he said, cautioning that bear markets often last longer than most investors expect.
Nearly 500,000 ETH Withdrawn From Exchanges in a Week
On-chain data shows a potential accumulation signal. Analyst Ali Martinez reported that nearly 500,000 ETH, worth about $800 million, left centralized exchanges over the past seven days. Large withdrawals often indicate holders intend to keep assets off the market, reducing immediate selling pressure if demand holds steady. Martinez called this a possible accumulation signal but warned that ETH could still fall much further before finding a final bottom — his downside scenario sees a revisit of the $700 level if broader conditions worsen.
RSI Near Oversold but No Trend Reversal Yet
The daily chart remains in a clear downtrend with lower highs and lower lows since the late-2025 peak near $5,000. The Relative Strength Index sits at roughly 32, close to oversold territory, which reflects strong selling pressure but does not guarantee a reversal. The MACD is below the signal line and in negative territory; bearish momentum has slowed but no bullish crossover has emerged. Trading volume has also failed to produce the capitulation spike typically seen near major bottoms.
Iran Deal Hopes Inject a Macro Wildcard
Ethereum’s outlook is tied to broader risk sentiment. According to crypto.news, President Donald Trump said a peace agreement with Iran could be signed Sunday and lead to reopening the Strait of Hormuz. Iran disputes the Sunday timeline but negotiations appear to be advancing. Crypto analyst Michaël van de Poppe argued that a successful deal could send liquidity back into risk assets, including cryptocurrencies. Lower geopolitical tension and reduced energy market pressure could boost appetite for digital assets. With on-chain accumulation signals juxtaposed against weak technicals, Ether sits between renewed long-term interest and a short-term market structure that still favors caution. The next leg depends on whether risk sentiment improves and whether buyers continue pulling ETH off exchanges at the current pace.