Ethereum is increasingly likely to post a third consecutive quarterly decline for the first time.

On June 21 local time, blockchain outlet U.Today reported Ethereum was trading around $1,700 and is posting a steep decline again this quarter.

The key is consecutive quarterly returns. Ethereum ended the fourth quarter of 2025 down 28.28 percent, closing the quarter with a sharp downturn. The decline continued this year, and it fell 29.26 percent in the previous quarter. The current quarter is down 18.29 percent, and without a strong rebound in the remaining period, a third straight quarterly decline could become reality.

Its market standing is also wobbling. Ethereum has recently slipped to fifth by market capitalisation, and it is down about 65 percent from its all-time high.

The bearish backdrop is cited as a mix of broader weakness in the crypto market and internal instability. Ethereum is facing an overlap of an expanding internal crisis, unstable leadership and a broad slump in the overall crypto market.

Concerns have also been raised about funding for network operations. Trent Van Epps said the Ethereum network is facing a slowly unfolding funding crisis, and the issue could play out within this year. Maintaining researchers, client teams and coordination groups costs about $30 million a year, but it is unclear whether the funds are in fact being secured stably, he said.

Departures from the Ethereum Foundation are also continuing. Co-executive director Xiaowei Wang (샤오웨이 왕) said recently he is leaving the organisation after about 9 years. That would leave Bastian Aue (바스티안 아우에) as effectively the sole executive director. At least 8 senior developers and researchers have left so far this year, including the February resignation of co-executive director Tomasz Stanczak (토마시 스타인차크).

Sentiment within the community is also poor. Vitalik Buterin (비탈릭 부테린), a co-founder of Ethereum, is focusing on writing a new science fiction novel, a move that has drawn backlash from the community. With price weakness, organisational instability and financial concerns overlapping, investor sentiment around Ethereum does not appear easy to improve.

The focus for the remaining period is whether it rebounds by quarter-end and whether the foundation's operations stabilise. If Ethereum bulls fail to engineer a large-scale recovery, Ethereum will face a downturn unprecedented not only in price but also in its quarterly performance record.