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Ethereum price is struggling to hold support near $1,900 as Bitcoin extends its gains. Traders are watching closely to see if ETH rebounds or drops toward $1,500.
Ethereum Stuck Below $2,000 as Bitcoin Steals the Spotlight
Ethereum (ETH) is having a rough time. While Bitcoin (BTC) has surged back above $85,000, gaining 3.8% over the past two weeks, ETH can’t seem to reclaim the $2,000 level. On March 16, ETH traded at $1,932, showing little sign of strength as traders debate whether a rebound or a deeper correction is next.
CryptoQuant analyst SunflowrQuant pointed out that Ethereum has been losing ground against Bitcoin for two years. The ETH/BTC ratio has dropped to 0.02, and open interest in Ethereum futures has fallen to 0.15, suggesting traders are shifting their focus toward Bitcoin.
“The bearish sentiment around Ethereum continues to dominate as traders and investors shift their focus toward Bitcoin,” SunflowrQuant explained.
With Ethereum’s dominance fading, the question is: Can ETH stage a comeback, or is a drop to $1,500 inevitable?
Ethereum Price at a Crossroads—Will Bulls Hold the Line?
Ethereum price is trading at a pivotal level, one that could set the stage for either a rebound or a deeper decline. The price action remains trapped within a descending channel, and each attempt to break higher has been met with resistance.
The 50-day and 200-day exponential moving averages (EMAs), currently at $2,475 and $2,880, stand as major hurdles if ETH tries to recover. Until the price reclaims these levels, the broader trend remains bearish.
Ethereum tests key support amid market drop. Source: Crypto Fella/X
Crypto analyst Crypto Fella sees two possible outcomes. If Ethereum bounces from this level, it could form a local bottom and push toward a recovery. But if it fails to hold support, a drop to $1,500 becomes more likely, potentially leading to an extended period of sideways trading.
The relative strength index (RSI) sits at 35.51, nearing oversold conditions, which could fuel a short-term bounce. However, without a surge in buying pressure, any relief rally may struggle to sustain itself.
Whales Are Buying, but Confidence Is Low
Not everyone is bearish on Ethereum. Crypto trader Ted Pillows pointed out that large holders—often called whales—have been quietly accumulating ETH, despite its sluggish price action.
“I understand the frustration with ETH underperforming, but it’s only a matter of time before it pumps,” Ted noted.
Ethereum whale holdings surge amid price recovery. Source: Ted Pillows/X
Even with this accumulation, broader sentiment remains cautious. Open interest in Ethereum futures is declining, meaning traders are stepping back from leveraged bets on ETH’s price action. Without fresh buying pressure, Ethereum could struggle to find direction.
What’s Next for Ethereum Price?
Ethereum’s future depends on whether buyers step in or if selling pressure drags it lower. CryptoQuant analyst SunflowrQuant noted that fear often fuels strong rebounds, but there are no guarantees.
“We may be at the foundations of new beginnings for Ethereum. Like in previous cycles, a strong rebound may occur after tough times, reaching new highs,” the analyst said.
However, a recovery will take more than sentiment. Institutional demand, network upgrades, and Bitcoin’s price action will all play a role. If ETH holds this support, a rebound is possible. If not, the $1,500 level may be next.
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