Ethereum Records 43% Decline in Q1 Amidst Market Challenges
Ethereum (ETH) has faced a challenging start to 2023, recording its second-worst Q1 performance in history with a decline of 43%, trading just above the support level of $2,000. In contrast, Bitcoin (BTC) and XRP have posted gains of 23% and 279%, respectively.
Q2 Recovery Potential
- ETH experienced a 38% drop in Q1, close to its worst quarterly decline of 46% in Q1 2018.
- Historically, ETH averages a 66% surge in Q2 since 2016.
- A potential 60% increase could raise ETH's price to $3,200.
Long-term Outlook
- Analyst Merlijn suggests ETH may follow a trajectory similar to past Bitcoin performances, predicting a potential rise to $24,000—an increase of 1,100%.
- Expert Ali Martinez emphasizes resistance at $2,300 as a critical hurdle for sustainable recovery.
- ETH recently reclaimed its realized price of $2,040 but remains down nearly 25% monthly due to broader market corrections.
