The crypto markets have been facing a massive pullback over the past couple of days, wiping out over $200 billion. While the major tokens try to make up for the recent losses, the Ethereum price rally flashes bearish signals. The price has dropped below the support line that has been acting as a strong support for over the past few years. Hence, massive bearish signals continue to flash for the ETH price rally as the token is now primed to reach $1500 if bulls fail to defend the crucial support levels.
Ethereum has been taking a harder hit than Bitcoin in February, which is expected to continue for March as well. For the first time in history, the Ethereum price printed massive bearish candles throughout Q1. On the other hand, Ethereum ETFs are reading 25% below the fair value, with over $370 million yanked from spot ETFs in March 2025.
Now that the price is approaching the end of the quarter, bearish influence over the token has amplified. The ETH price recovery looks sluggish, below the key moving average levels, hinting towards a more descending trend fast approaching.
The price of Ethereum has dropped below the 200-day MA for the first time since the 2021 bull run, hinting towards the beginning of a fresh bearish action. In the long term, the price has dropped below the support of the decisive symmetrical triangle, and a close below the range may trigger lower targets below $1500. The volume has ranged to some extent but remains under bearish influence. Besides, the monthly RSI has dropped to the range it tested during the 2022 bottoms.
Therefore, the ETH price is expected to drop heavily as the technicals are about to undergo a bearish crossover. The Ichimoku cloud and the DMI are about to turn bearish, which flutters bearish flags for the crypto. On the other hand, if the RSI triggers a rebound from the support as it did before, then the price may gain some momentum. However, the bullish scenario is unlikely as technicals turn bearish. Therefore, the upcoming monthly close may have a massive impact on the forthcoming price action.
If the Ethereum (ETH) price reclaims $2000 ahead of the monthly close, then the second-largest token may continue to test upper targets; otherwise, a drop to $1500 could be imminent.
