Ethereum price suffers second worst first half ever

The Ethereum price is currently trading at $1.700. virtually unchanged on the day, but the bigger picture is far less rosy. Analyst DaanCrypto points to a striking historical pattern: Ethereum is on track for the second worst first half-year in its history, with only 2022 being worse. After a red Q1 of -45.41% and a red Q2 so far of -20.78%, ETH threatens to record two consecutive red quarters at the start of a year for only the second time ever.

Ethereum is available at OKX and Bybit.

Nine months of pain after the BMNR hype

According to DaanCrypto, context is important to understand this price movement. After the so-called BMNR accumulation frenzy, Ethereum reached a peak, after which the price experienced downward pressure for nine months. That is an extremely poor trajectory, the analyst indicates. For comparison: in 2022, Ethereum dropped in Q2 by as much as 67.34%, the heaviest quarterly blow in the available historical data from Coinglass.

The historical quarterly data also show how exceptional the current situation is. In most years, Ethereum actually performed strongly in Q1 and Q2: in 2021 the price rose in Q1 by +160.7%, and in 2017 the first two quarters even delivered returns of +518% and +453%. That makes the current downturn all the more striking. Additionally, DaanCrypto points out that bear markets can last longer than expected, something that is also visible in the on-chain data around Bitcoin.

Is accumulation at this level wise?

Despite the gloomy statistics, DaanCrypto sees the current levels as potentially interesting for investors with a longer time horizon. He states that Ethereum still plays a central role in tokenisation and DeFi, and that the current price is starting to become attractive again after a long time for those who think in years rather than weeks.

However, he warns against hasty decisions. Slow and steady accumulation works better than investing everything at once, especially since a bear market can always last longer than initially expected. Holding a reserve position for unexpected situations is wise in that regard.

Curious about more Ethereum news and developments surrounding the Ethereum price? The coming quarters will be crucial to see whether ETH repeats the pattern of 2022 or manages to break it.