Ethereum's price has been showing signs of recovery in March, with a 2.93% gain marking its first positive month since August 2025. However, this upswing is being tested by a bearish trend that has persisted from September to February, with the cryptocurrency's price currently trading within a falling channel.
Two key metrics suggest that bears are gaining ground heading into the month's close. The number of Ethereum held in whale wallets has decreased, and the Money Flow Index (MFI) has shown a bearish divergence, indicating weakening dip-buying support.
If the price breaks below $1,970, it could extend the six-month losing streak to seven, with potential targets including the $1,650 zone. On the upside, reclaiming and holding above the $2,050 zone would relieve immediate pressure and put Ethereum's price in a stronger position.