Ethereum (ETH) is attempting to consolidate at price levels not seen since April of last year, following a 31% decline over the monthly time frame. Trading around $1,606, ETH sits nearly 70% below its all-time high of $4,945 — and according to one indicator, the drawdown may not be over.
Another 56% Drop Ahead?Market analyst Ali Martinez flagged the Delta Price indicator on X, noting that it has successfully identified the last two market bottoms for Ethereum. Today, that metric sits at $708.
Should ETH reach that level before the bear market runs its course, it would represent an additional 56% decline from current prices and an roughly 85% drop from all-time highs.
Based on that track record, he suggested Ethereum could revisit the $700 range before any sustained recovery takes hold.
Two Levels Ethereum Must ReclaimFurther down, Martinez had previously flagged $1,070 as the next significant level. He described it as the lower boundary of a multi-year range, which would be the next target if the current downtrend intensified further.
On the recovery side, he outlined two conditions needed to shift the market back to bullish: a reclaim of the 200-week simple moving average (SMA) near $2,500, followed by a decisive break above the 50-week simple moving average near $3,100.
For now, neither condition is close to being met, as selling pressure continues to weigh on Ethereum and the broader crypto market.
Featured image created with OpenArt; chart from TradingView.com
