Ethereum (ETH) is on its way to doing something it has never done before. It is on track for three consecutive red quarters for the first time in its history.
With about two weeks left before the quarter closes, ETH still has time to break this pattern. The overall rally and rising mortgage rates kept hopes of a reversal alive.
Why will the third red quarter be historic for Ethereum?
Coinglass data shows that ETH has never closed three consecutive quarters in the red. The second-largest cryptocurrency fell by 28.28% in the fourth quarter of 2025 and 29.26% in the first quarter of 2026. It fell by 18.4% in this quarter.
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The price decline has pushed ETH near multi-year lows Feelings of deep fear.
“Ethereum is on track for its second-worst first half of the year after 2022.” male.
The bullish case for Ethereum
With two weeks left in this quarter, Ethereum still has time to avoid a pattern it has never seen before. Right now, the momentum seems to be shifting in its favor.
Wider Risk markets have strengthened After news of an American-Iranian peace agreement. This news raised the total market capitalization of cryptocurrencies by 2% in the past 24 hours. Ethereum has slightly outperformed, rising 2.6% over the same period to trade above $1,700.
Meanwhile, historical trends provide additional support for the bullish case. ETH posted a positive quarter immediately after each previous instance of consecutive quarterly losses.
In 2022, for example, the price of Ethereum fell for two straight quarters before rebounding 24% in the following quarter. Similar, albeit more modest, recoveries followed consecutive red quarters in 2019 and 2020.
However, there is a warning. Any recovery will likely extend into Q3, which has historically been the weakest quarter for Ethereum, generating an average return of just 7.44%. While history suggests that ETH tends to rebound after prolonged weakness, seasonal trends suggest that the path higher may not be clear.
Staking and technical signals tend to be bullish
Along with seasonal and technical trends Indicators are too Signs A potential bottom for Ethereum. Analyst Ardi said several metrics are in line with previous cycle lows, including ETH’s recent touch of the blue lower acceptance cloud and RSI trends.
However, he warned that “the worst is far from over” when it comes to price. It has a weekly RSI It has not yet spent several weeks below 30 as seen in previous sessions, while the ETH/BTC pair remains in a strong downtrend.
“ETH has more downside as long as its pair is bleeding. But in the last cycle, ETH bottomed 6 months before BTC…the timing of the bottom is unlikely. But we are in the second half of a bear market year,” the analyst said. Notice.
Meanwhile, on-chain data indicates elastic demand. more from 39.5 million ETH are now deposited across more than 887,000 validators, reflecting strong long-term conviction among holders.
This trend is not consistent with the strong bearish outlook. Instead, the continued growth in ETH indicates that investors are choosing to hold on to their holdings rather than sell, helping to limit potential selling pressure on the chain.
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this post Ethereum is approaching its first ever straight red three quarters with bullish signs emerging appeared first on BeInCrypto.
