The price of Ethereum (ETH) continues to cling to a profit of 2.93% in March, which is the first green month since August 2025, with every month from September to February ending in losses, marking a record six consecutive months that have caused the value of ETH to drop by more than 50%.
With only a few days left in March, the question is whether Ethereum can maintain this profit or if the pressure building up will result in another red close this month, extending the streak to seven months.
March started well, but the second half is different.
The monthly returns chart clearly shows significant damage: September 2025 down 5.59%, October down 7.15%, November down a staggering 22.2%, December down 0.83%, January 2026 down 17.7%, and February down another 19.6%.
The increase of +2.93% in March is notable, but this figure hides the volatility that occurred in the second half of the month.
On the 4-hour chart, the price of Ethereum has been trading in a downtrend since March 16, when ETH peaked at 2,380 USD, with this trend channel pushing ETH down to a low of 1,970 USD, which represents a decline of about 18% from the mid-March peak. The current price of ETH is near 2,020 USD, still within the downtrend channel and continuing to weaken.
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The first half of March was a profit-taking period, but the second half has been gradually giving back profits. If this trend channel continues to push prices down near support, the remaining days of March may determine whether the consecutive losses will end or extend further.
Two sentiment indicators suggest that the bears are starting to gain an advantage as the month is coming to a close.
Whales are selling off, and hoarders are starting to disappear.
Ethereum whale wallets, excluding exchange wallets, held 122.91 million ETH 48 hours ago, but the balance has decreased to 122.73 million ETH, a reduction of about 180,000 ETH. This period is concerning as it coincides with prices dropping to the lower end of the downtrend.
The Money Flow Index (MFI), which measures momentum based on trading volume, serves as a signal indicating increased concerns. Between March 8 and March 28, the price of Ethereum was in an uptrend on the 4-hour chart, but during the same period, the MFI moved in a downward direction.
This bearish divergence signal indicates weakening support from speculators buying on dips throughout March. Although the overall price picture each month remains bullish, each downward move has seen less buying pressure than before. As whales reduce holdings along with speculators who buy on dips disappearing, the confidence in the current price further diminishes.
If the overall market remains weak, these two metrics suggest that Ethereum may not have enough buying power to maintain its profits in March.
Ethereum price prediction and USD zone 1,970
The key level is at 1,972 USD (zone 1,970 USD), which has been a support level since early March.
If the 4-hour chart closes below 1,970 USD, it will break a strong support level (0.618 Fib level) and push ETH closer to the lower edge of the downtrend.
If it breaks down, the levels of 1,910 USD and 1,830 USD will become targets. When the price breaks below 1,830 USD, it will confirm a break signal, and a further decline of about 10% is expected, targeting the zone of 1,650 USD, although such a decline may take some time to materialize.
On the upside, ETH needs to reclaim above the zone of 2,050 USD and maintain this level to alleviate immediate pressure above. However, once broken, the upper edge of the channel near 2,110 USD will be the first test of this strength.
Currently, 1,970 USD is dividing the first green month in seven months for Ethereum from a downward trend that could take the coin to 1,650 USD.