Ethereum has dropped nearly 7% over January, moving opposite to the wider crypto market and to leader Bitcoin, but market watchers say February and March have been historically bullish for the second-largest cryptocurrency.

Ether ( ETH ) has sunk by 6.7% so far this month, falling from its Jan. 1 high of $3,400 to an intraday low of $3,170 on Jan. 27, according to CoinGecko.

However, analysts observed that February and March have been positive for the asset’s monthly price action in the past.

ETH has only fallen once over the month of February — in 2018, after it came off of a 50% gain in January, according to CoinGlass data first noted by futures trader “CoinMamba” on X.

“Overall, February and March are very good months” for ETH, they added .

For the past six consecutive years, ETH has increased in February, the largest gain coming in 2024 when it climbed more than 46% from $2,280 to end the month at $3,380.

February 2017 was also a solid month for ETH, with a gain of around 48% when it jumped from $11 to just below $16. 

Ethereum drops 7% in January, but next 2 months typically ‘very good’ for gains image 0

Ether returns by month. Source: CoinGlass

March has also been historically favorable for ETH. It’s seen March gains for seven out of the past nine years and April has seen gains for six years.

Ethereum supporters and analysts remain bullish despite the lackluster price performance. 

“With eight years of experience as an analyst, I can confidently say I’ve never seen a chart as strong as ETH,” said engineer and analyst “Wolf” on X on Jan. 26. “The potential here is unmatched. It’s the best asymmetrical bet you can make,” they added. 

Meanwhile, Ethereum educator Anthony Sassano commented on last week’s leadership shakeup at the Ethereum Foundation, stating, “The last week in Ethereum has been a complete and total shift in not just vibes but in the community’s hunger to win.”

Related: Ethereum Foundation infighting and drop in DApp volumes put cloud over ETH price

ETH prices are currently trading down 4.5% on the day at $3,183, following a broader crypto market decline.

It’s down 35% from its November 2021 all-time high of $4,878 and has failed to mirror the gains of other high-cap crypto assets such as Bitcoin ( BTC ), XRP ( XRP ) and Solana ( SOL ).

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