Ether, the native token of the Ethereum network, entered July having posted its first three consecutive quarterly declines in the cryptocurrency’s history, a stark reversal for an asset that once defined the bull market.

Trading near $1,770 on Monday after opening the day around $1,805, Ether has failed to reclaim the $2,000–$2,200 zone that analysts view as a gateway back to broader confidence. The token has lagged Bitcoin through much of the year as capital favors the larger asset during the downturn.

On-chain activity has softened. Measures such as active addresses indicate cooler engagement with decentralized applications, even as the network’s long-planned scaling roadmap continues to roll out. Developers argue the technology is maturing faster than the price currently reflects.

Some larger holders have accumulated in the $1,000–$10,000 Ether range during the slump, according to on-chain trackers, a sign that conviction buyers see value despite the weakness. Analysts flag meaningful risk below $1,500 and potential relief above roughly $1,750.

The malaise mirrors a broader crypto pullback. With spot Bitcoin ETFs bleeding assets and macro uncertainty dominating, capital has rotated toward artificial-intelligence equities, leaving digital assets in one of their most fragile stretches since the post-FTX era.

Whether Ethereum can break its losing streak depends on the late-July Federal Reserve decision and the resilience of key support. For a network long pitched as the backbone of Web3, the quarter ahead is a test of narrative as much as fundamentals.

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