Ethereum (ETH) price is yet to clear the bearish aftermath of the exploit on the Bybit Exchange from last week. A coin that had the prospect of crossing the $4,000 range earlier this month is now battling major support zones as the selloff continues. Per market data, Ethereum’s price is now facing its third red month as capital inflows dry. With the current outlook of the coin, analysts are now expecting what the future holds for the asset in the coming days.
Ethereum Price and Bearish Sentiment
At the time of writing, the price of ETH was changing hands for $2,653.65, down by 5.23% in the past 24 hours per CoinMarketCap data. The coin dropped from a high of $2,850.61 to as low as $2,625.44 before resting at its current level.
The outlook is not impressive regarding several metrics, as it has been down by 3.11% in the past week. The impact of the Bybit hack has also pared off Ethereum’s price gains over the past month. Currently, the coin’s Year-to-Date (YTD) selloff comes in at 20.77%.
The bearish sentiment around the ETH price remains visible, with market analyst Ali Martinez weighing in earlier. Ali noted that if the price of Ethereum falls below the $2,600 support, the altcoin season may get canceled.
How Low Can ETH Price Fall?
Ethereum price is not alien to massive drawdowns as recorded in the past month. The coin has struggled throughout this bull market cycle to break the $4,000 mark over the past year.
The emergence of spot Ethereum ETF products in the United States did not fuel a rebound. While altcoins like Solana (SOL) and SUI have hit multiple all-time highs (ATH) in past months, Ethereum has yet to record such a milestone.
The community remains curious about how low it can drop with the current outlook. According to market data, the Ethereum price has maintained a strong support of around $2,000 over the past year. During this period, it traded at a low of $2,122.54. Experts believe a potential selloff might also present this level as support for the coin.
With Ethereum surviving the worst of the selloff, the odds of dropping below $2,000 in March appear low. However, volatility remains and might also swerve in favor of market bulls.
Ethereum Growth Catalysts to Watch
In the trailing 5-day period, the community has shown solidarity with Ethereum and the Bybit exchange. Notably, the exchange’s ETH reserve is 100% restored, with a verification metric put in place. This is a sign of health, with the Ethereum drain not likely to cause a long-term ecosystem disruption.
Beyond this positive trend, the forthcoming Pectra Upgrade with defined timelines is also a catalyst to watch. With a more secure ecosystem, ETH may attract more investors, with a major upside on price in the long term.
The post Ethereum Price Recovery Fails, Is a Drop To $2,000 Possible In March? appeared first on CoinGape.
