Ethereum at $2,132: Six Red Months, Record Network Activity, and the Commodity Classification That Changes Everything
Ethereum drops 57% from August 2025 ATH of $4,953 to $2,132 despite record network activity and SEC-CFTC commodity classification in March 2026.
Ethereum at $2,132: Six Red Months, Record Network Activity, and the Commodity Classification That Changes Everything Ethereum drops 57% from August 2025 ATH of $4,953 to $2,132 despite record network activity and SEC-CFTC commodity classification in March 2026. March 13, 2026 Key Takeaways: Ethereum trades at approximately $2,132 on March 13, 2026, down 57% from its all-time high of $4,953 reached in August 2025, after posting six consecutive red monthly candles. The SEC-CFTC MOU signed March 11 officially classifies Ethereum as a digital commodity under CFTC jurisdiction, ending years of regulatory ambiguity that suppressed institutional participation. Daily active addresses and smart contract interactions have reached new all-time highs even as price languishes, creating what CryptoQuant analysts describe as an "adoption paradox." Where ETH Stands Ethereum opened March 2026 near $1,937. It dropped as low as $1,850 during the week of March 3 as the Iran conflict escalated and crude oil pushed above $100. BTC fell to $64,000. The Fear and Greed Index hit 8 on March 10, the lowest reading since the Terra/Luna collapse. Then the recovery. ETH climbed through $2,000 by March 10 and hit $2,132 on March 13. That is a 15% bounce from the monthly low, but still 57% below the August 2025 all-time high of $4,953. Market cap sits at approximately $233 billion. The ETH/BTC ratio continues to weaken, a sign that capital is rotating into Bitcoin during the current macro stress. The broader context: six consecutive red monthly candles. That is a streak not seen since the 2022 bear market that followed the Terra/Luna and FTX collapses. Early 2026 brought a combination of factors including recession fears, Ethereum co-founder Vitalik Buterin selling significant ETH holdings, and geopo