Recent data suggests that Ethereum might be nearing the end of its prolonged downturn. Historical trends and current on-chain indicators point towards a potential turnaround. 4 straight months of losses led to a significant drop in value, wiping out over 18% of its value in March — marking the worst month since 2022. However, past patterns suggest this may be just the beginning of a strong rebound. Ethereum historically recovers after three or more consecutive red months. This has occurred at least five times since its inception and often led to significant price surges following. 2018 was a prime example, where ETH experienced a powerful rally after going through seven red months before surging over 80%. Analyst Merlijn The Trader is comparing the current cycle to this period. Q2 historically has been Ethereum’s strongest quarter, with average gains exceeding 60% and April often marks the start of a bullish trend. Further bolstering the bullish outlook is a significant drop in the ETH/BTC ratio to its lowest point since May 2020, signaling potential bottom formation. Crypto strategist VentureFounder predicts this ratio could dip slightly before bouncing back, similar to what happened during the 2018–2019 Federal Reserve tightening cycle. Whales are also showing increased interest as data from LookOnChain reveals a significant accumulation of ETH by a large holder over March 26th and April 4th, with an average purchase price of $1,959 and $1,785 respectively, showcasing long-term confidence. Ethereum’s dominance in the crypto market has dropped to just 8%, down from its peak at 20% in mid-2023. This level historically acts as a strong support zone for ETH, often signaling a trend reversal. Finally, Network fees have fallen to their lowest point since 2020, with a decline of nearly 60% in Q1 2025. With reduced network activity and decreased demand, this may be the final stage of the downtrend before a market turnaround. While cautious optimism is warranted, the data strongly suggests that Ethereum could be approaching a bottom.