Does Ethereum Face Tougher Days Ahead? CryptoQuant Analyst Assesses the Current Situation: "Fell to Bear Market Levels!"

Question

One of the most affected ***altcoins*** in the recent downturn in the cryptocurrency market is undoubtedly ***Ethereum (ETH)***.Ethereum fell below $2,000 for the first time since November 2023 yesterday. However, amidst a broader market recovery today, it bounced back above $2,000 again and closed at $2,170.Although ETH is recovering and trading above $2,200, significant sales continue.According to Arkham data, a wallet address that received 114,500 ETH worth 358 million dollars from the bankrupt cryptocurrency lending institution Genesis, sold 40,000 ETH in two days.The whale that received the most Ethereum compensation from Genesis sold 40,000 ETH worth $89.9 million via over-the-counter (OTC) transactions over the past two days.## Ethereum Bear Market Levels!According to data from CryptoQuant***, the rate of unrealized profits among Ethereum whales has fallen to levels not seen since the previous bear market.CryptoQuant analyst, indicating that Ethereum is currently going through a tough period, stated that the ETH/BTC ratio is in a continuous downtrend in the midst of increasing fear, uncertainty, and doubt FUD.According to the analyst, the whale's profitability ratio falling to bear market levels means that their positions have returned to the same profit level as during the bear market, even though most of them are at a price twice as high today.> "The rate of unrealized profits among ETH whales has fallen to levels not seen since the previous bear market. Ethereum is going through a tough time right now.> > > Notably, the group of whales holding between 1K and 10K Ethereum even reverted to a negative unrealized profit rates. This data shows that ETH investors are going through difficult times."> > > > ETH whales' unrealized profit ratio: bear market level> > > “It means that most of their position are back at the same level of profit as it was during the bear market despite a price twice higher today.” – By @Darkfost\_Coc> > > Read more ⤵️ pic.twitter.com/MFai6yuRkh> > > — CryptoQuant.com (@cryptoquant\_com) March 4, 2025> >