Ethereum is on track to close three consecutive red quarters for the first time in its history, turning ETH’s latest selloff into a longer structural drawdown rather than a short correction.
CoinGlass-linked quarterly return data places ETH down 28.28% in Q4 2025 and 29.26% in Q1 2026. Q2 2026 remains negative with only a few days left before the quarter closes, leaving Ethereum close to a historic three-quarter losing streak unless price stages a sharp late recovery.
ETH traded near $1,580 when checked, with Ethereum market data showing a seven-day decline of more than 8%. The token remains far below the levels that would repair the broader market structure after months of lower highs, failed rebounds and weaker demand.
The latest move follows Ethereum’s earlier break below $1,825 support, which shifted trader focus toward $1,600 and $1,400. ETH has since traded around those lower support zones instead of reclaiming the former range floor.
Order Book Pressure Keeps ETH Heavy
The latest market read centers on order-book shifts, downside liquidity clusters and weak bounces that continue to fail near resistance. That structure has left ETH vulnerable to liquidity sweeps when bids thin out and leveraged long positions sit below obvious support levels.
A liquidity-driven decline does not need a single headline catalyst. When order books move lower, traders often chase the same support zones, stops collect below crowded levels and shallow rebounds become exit points for sellers rather than reversal signals.
That pattern was already visible when Ethereum dropped below $1,550 and DeFi liquidation risk climbed across collateralized lending positions. Once ETH loses important spot levels, derivatives pressure and DeFi collateral stress can reinforce each other.
Ethereum open interest also remains a risk factor. Record ETH-denominated positioning on Binance had already put the market on alert for open-interest stress, because high leverage can turn a normal support break into a faster liquidation move.
Weak Bounces Leave Bulls Without Confirmation
Ethereum bulls still need a clean reclaim before the three-quarter drawdown can be treated as exhaustion. A bounce that fails below former support keeps the bearish structure intact, especially when price rejects quickly after short-lived relief rallies.
Spot ETF flows and Ethereum Foundation headlines have added to the pressure. Bitcoin and Ether ETFs recently lost another $249 million across spot funds, while the Ethereum Foundation’s latest structural reset kept treasury discipline, protocol priorities and sentiment in the market debate.
None of those factors alone explains the full three-quarter decline. Together, they help explain why buyers have struggled to turn dips into sustained recoveries. ETH is facing price weakness, leveraged positioning, ETF outflows and a weaker sentiment backdrop at the same time.
The quarterly close remains the key calendar marker. Ethereum has already posted losses of 28.28% in Q4 2025 and 29.26% in Q1 2026, while Q2 2026 remains negative with ETH trading near $1,580. A failure to recover before June 30 would leave Ethereum with its first three-quarter losing streak on record.
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