Ethereum Slides to Lowest Since November 2023 as Crypto Markets Face Heavy Selling
Ethereum (ETH) has dropped to its lowest price since November 2023, as increasing market volatility and U.S. President Donald Trump’s trade war threats put pressure on risk assets.
ETH has fallen 15% in the past 24 hours, according to CoinDesk Indices, contributing to a 16% drop in the broader CoinDesk 20 index as digital assets face widespread liquidation.
The sustained weakness in Ethereum’s price over the last three months has been driven by declining institutional interest, its continued underperformance against Bitcoin (BTC), and macroeconomic concerns such as inflation, stock market declines, and fears of escalating trade disputes.
According to CoinGlass, approximately $165 million in long ETH positions have been liquidated in the past 12 hours, underscoring the impact of the recent downturn on leveraged traders.
Traders on Polymarket now see a 76% chance that ETH will dip to $1,900 before the end of the month, reflecting continued pessimism in the market.
Ethereum ETFs have also faced significant outflows, with SoSoValue reporting withdrawals of -$335 million last week, further indicating a cautious stance from institutional investors.
