Ethereum in a Bloodbath: Analysts Call It a Lost Month for ETH Price | February Altcoin Report

Pessimism has returned to the market. Things look weaker now, and investors are starting to feel it again.

Ethereum price looked bullish back in January. ETH even managed to climb above $3,300 for a short time. That optimism has faded. The risk is now much clearer, and losing the $2,000 level is no longer a distant scenario.

This brings back a familiar issue, one that has been discussed repeatedly over the years. The disconnect between Ethereum’s strength as an ecosystem and the performance of its token.

Ethereum has become the backbone of crypto infrastructure. Many major projects would not exist without it today. Yet the price of ETH still fails to reflect that role.

Over the past four years, Ethereum has set only two new all-time highs, one in 2021 and another in 2025. There was little difference between the two. In 2025, ETH never managed to break above $5,000, despite widespread expectations that it would.

Analysts continue to point to Ethereum’s importance as an ecosystem. In the long run, forecasts remain optimistic. But the price tells a different story, and the outlook here is far less convincing. Some analysts still believe ETH can perform well this year, yet expectations for the near term are noticeably more cautious.

In this month’s Cryptonews report, we spoke with experts about what to expect from Ethereum price and altcoins in the weeks ahead, and why patience may matter more than optimism right now.

A Familiar Setup From Last Year

Before looking ahead, it helps to look back about a year. The setup feels familiar, even if the timing is not exactly the same.

In December 2024, the crypto market peaked alongside Bitcoin, which climbed above $110,000 for the first time. The broader market had been trending higher since August, riding a steady uptrend. Then momentum faded, and prices started to roll over.

By February 2025, Bitcoin had dropped to around $97,000, while Ethereum was trading near $2,800. Those levels are not far from where the market stands today. The difference lies in how quickly things played out. In 2026, prices have already moved closer to the lower end of those ranges.

Among the top 10 cryptocurrencies by market capitalization, Solana was hit the hardest. A year ago, SOL was trading near $200. Today, it sits closer to $90.

In a separate Bitcoin report, Cryptonews noted that in April 2025, Bitcoin found a bottom near $74,000. A recovery followed, eventually pushing Bitcoin to a new all-time high. Only after that rebound did Ethereum begin to move higher, something it had struggled to do for years. That sequence feels relevant again.

The market has been under pressure since October 2025, a month many now describe as a crypto crash. The timing is different this time, but the backdrop feels familiar. Both downturns followed Donald Trump’s taking office. Now, the pressure is even heavier. Macroeconomic uncertainty, tariffs, and geopolitics are all weighing on crypto at once.

Why Ethereum Price and Crypto Feel More Fragile

Speaking with Cryptonews, Gavin Thomas, CEO and co-founder of TEN Protocol, explained why Bitcoin and the broader crypto market are currently more sensitive than traditional assets:

Thomas added that this environment is more likely to scare smaller holders than large players. Big investors, he said, are more inclined to keep accumulating. That includes Michael Saylor, one of Bitcoin’s most vocal supporters:

For now, the focus remains on Bitcoin. How buyers respond to corrections matters. If Bitcoin shows stability and strength, Ethereum may get its chance to recover.

If Bitcoin continues to struggle, pressure will spread across the crypto market. There may be exceptions. Some tokens can still rally sharply, even against the trend. But for Ethereum, everything still depends on Bitcoin.

How Low Could Ethereum Price Fall?

Thomas said Ethereum could fall below the $2,000 level. He also explained why ETH currently feels more fragile than Bitcoin:

Expanding on that view, Thomas said a drop below $2,000 would not be surprising. A strong rebound, however, looks unlikely in the near term.

Ethereum may continue to struggle for now. New price peaks are probably off the table this month. At the same time, he stressed that the broader picture has not changed.

This structural strength is unlikely to translate into a new all-time high anytime soon. Thomas believes that moment will come later.

A similar view was shared by Tanisha Katara, a blockchain governance consultant and researcher for Avail, Filecoin, and Polygon. She said she does not expect a meaningful upside move from the market this month either.“

Katara added that corrections like this always feel uncomfortable. That does not make them unusual:

Data from Curvo.eu shows that Ethereum’s last strong performance year was 2023, when ETH gained roughly 86%. The standout year remains 2021, when Ethereum surged by 436%.

By contrast, 2025 now ranks among Ethereum’s weaker years, with a decline of around 21.5%. In the context of the broader crypto market, where sharp corrections are common, this drop is not extreme. It has been disappointing for many investors. Expectations for 2025 were high. A new all-time high near $5,000 was widely anticipated. So far, that scenario has failed to materialize.

Where the Market Is Looking Now

Since October, privacy coins have been quietly moving back into focus. The rally started with Zcash, then spread to Monero. What was once a sidelined niche has turned into one of the more talked-about segments of the market.

Experts say the renewed interest is not random. Growing regulatory pressure, tighter compliance rules, and rising concerns around surveillance are pushing some investors toward privacy-focused assets. That said, the broader market still matters. Sentiment remains fragile, and privacy coins are not immune to wider crypto trends.

Cais Manai, CPO and co-founder of TEN Protocol, told Cryptonews that what we are seeing now looks more like a structural shift than a short-lived trade:

Manai added that the recent rally in privacy coins following Zcash may still be in its early stages:

Eneko Knorr, CEO of Stabolut, shared his view that the rally in privacy coins reflects growing tension between the crypto market and regulators:

Not all experts are equally optimistic. Tanisha Katar urged investors to separate short-term price action from long-term fundamentals. At the same time, Katara noted that privacy-focused technologies are likely to keep evolving, even if their role in regulated markets remains limited:

Privacy coins are not the only area drawing attention right now. Alongside renewed interest in anonymity, another part of the market is moving in the opposite direction. As regulation tightens, some investors are leaning into clarity rather than avoiding it. This is where euro-pegged stablecoins come into focus.

Frank Combay, COO of Next Generation NGPES, told Cryptonews that the EUR stablecoin market has entered a new phase following the rollout of MiCA:

Combay added that this year could be decisive for the sector, as growth increasingly depends on real-world use cases rather than crypto-native demand alone.

Conclusion

Ethereum sits between strong fundamentals and weak price action. Analysts see little reason to expect a meaningful rebound this month, especially while Bitcoin struggles to regain stability. In this environment, a move below the $2,000 level cannot be ruled out.

At the same time, few question Ethereum’s role in the broader crypto ecosystem. The issue is not demand, technology, or long-term relevance. It is timing. Until market conditions improve and Bitcoin finds firmer footing, Ethereum’s price is likely to remain under pressure, even as its long-term case stays intact.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice.