Ethereum is consolidating around price levels not seen since April last year as the market digests another sharp pullback. After sliding about 31% over the past month, ETH is trading near $1,606 — roughly 70% below its all-time high of $4,945 — and one indicator suggests the rout may have more room to run.
Analyst Ali Martinez highlighted the Delta Price indicator on X, noting it correctly signaled Ethereum’s last two market bottoms. Today the metric sits at $708. If ETH were to test that reading before the downturn ends, it would imply an additional ~56% drop from current levels and an approximately 85% fall from the ATH.
Martinez describes Delta Price as a measure of the relationship between investor cost basis and miner production cost, a combination that has historically marked “deep accumulation” areas. Based on that track record, he warned Ethereum could revisit the $700 range before any sustained recovery.
His recent technical roadmap has already tracked the move lower. Martinez had previously pointed to $1,850 on the weekly chart as a critical support: losing it, he warned, would likely accelerate selling — a call that has come to pass. He also flagged $1,560 as an interim downside target; ETH briefly slid through that level over the weekend toward $1,500. The next notable downside level he’s identified is $1,070, which he calls the lower boundary of a multi-year range and the next target if the downtrend intensifies.
On the flipside, Martinez laid out two conditions for a meaningful market turnaround: first, reclaim the 200-week simple moving average (SMA) around $2,500; second, decisively break above the 50-week SMA near $3,100. At present neither threshold is close to being met as selling pressure continues to weigh on Ethereum and the broader crypto market.
Featured image: created with OpenArt; chart: TradingView.com.
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