Ethereum just clocked its worst quarterly performance in recent memory — and it’s not showing signs of a turnaround.
As the second-largest cryptocurrency struggles to stay above the $1,750 level, investor confidence is unravelling. A nearly 45% plunge in Q1 has left ETH battered, underperforming both Bitcoin and the broader equity markets. Even more unsettling? A three-year low in exchange reserves hasn’t helped its price recover.
This isn’t just a price dip. It’s a shift in sentiment.
Ethereum’s Confidence Crisis Deepens
While Bitcoin holds steady near all-time highs, Ethereum has failed to find its footing. According to IntoTheBlock, ETH suffered a brutal 44.83% decline in Q1, compared to Bitcoin’s more moderate 14.67% drop.
That kind of divergence is rare. And it’s telling.
Instead of sparking buying interest, ETH’s decline seems to be pushing traders away — possibly toward Bitcoin, now viewed by many as the safer bet amid macro uncertainty and rising regulatory risks. Even the S&P 500 outpaced Ethereum’s performance, underlining how deep ETH’s troubles run.
Record-Low Exchange Reserves, But No Bullish Momentum
Usually, when tokens on exchanges drop, it suggests long-term conviction and a lower risk of selling pressure. In Ethereum’s case, however, it’s not playing out that way.
Exchange reserves for ETH have fallen to 18.4 million — a level not seen in over three years, per CryptoQuant data. Under normal circumstances, that would scream bullish potential. But instead, the price remains stuck in a low-volume consolidation, with no rally in sight.
The problem? It looks like investors aren’t moving their ETH off exchanges to hold long-term — they may be staking, waiting passively, or exiting altogether.
The result: no new demand to lift ETH off the floor.
Ethereum Price Stalls at $1,750 — The Line in the Sand
At press time, Ethereum is clinging to $1,788, just a hair above the psychologically important $1,750 mark. The price has been range-bound for over two weeks, and technicals aren’t offering much hope.
The Relative Strength Index (RSI) is sitting at 36.7, dangerously close to oversold but not enough to attract aggressive buyers.
The MACD histogram barely flickers green, indicating weak momentum.
Unless ETH can decisively reclaim the $1,850–$1,900 resistance zone with strong volume, the odds are tilted toward the downside. And if $1,750 breaks, analysts say we could quickly revisit $1,650 — or lower.
What Happens Next?
Ethereum is now caught in a psychological and technical no man’s land. The fundamentals — like declining exchange reserves — should be bullish, but they’re being overshadowed by fading sentiment and weaker demand.
Until that changes, ETH looks vulnerable to another leg down. And if $1,750 breaks, the slide could accelerate fast.
The crypto market has seen countless fakeouts and rebounds — but right now, Ethereum is on the defensive, and it’s not clear when that will change.
The message is clear for traders and investors alike: Watch $1,750 closely. The next big move could be triggered at any moment.
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