Ethereum Plunges to Lowest Since November 2023 Amid Market Turmoil
Ethereum (ETH) has fallen to its lowest level since November 2023, as market uncertainty deepens following U.S. President Donald Trump’s renewed trade war threats.
ETH has dropped 15% in the past 24 hours, according to CoinDesk Indices, pulling the broader CoinDesk 20 index down by 16% as the crypto market experiences a sharp sell-off.
Ethereum’s extended decline over the past three months has been fueled by weak institutional demand, its underperformance relative to Bitcoin (BTC), and macroeconomic concerns such as inflation, stock market instability, and fears of escalating trade tensions.
Data from CoinGlass indicates that $165 million worth of long ETH positions have been liquidated in the past 12 hours, as traders struggle to weather the downturn.
On Polymarket, traders are currently pricing in a 76% probability that ETH will drop to $1,900 before the month ends, signaling widespread bearish sentiment.
Further weighing on Ethereum, ETF outflows totaled -$335 million last week, according to SoSoValue, reflecting cautious investor positioning.
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