Ethereum Price Analysis: ETH Stays Bearish for 7 Months

Ether (ETH) has experienced a steady decline over the past seven months, dropping more than 36% from its yearly high of $4,111 in March 2024 to $2,600 as of mid-October. This prolonged downtrend highlights Ether’s ongoing challenges as competition in the Layer-1 (L1) blockchain space intensifies, leading to concerns about Ethereum’s future position in the market.