Ethereum Drops to Lowest Level Since November 2023 as Market Turmoil Continues
Ether (ETH) has plunged to levels not seen since November 2023, with heightened market volatility fueled by U.S. President Donald Trump’s escalating trade war threats.
ETH has dropped 15% in the past 24 hours, according to CoinDesk Indices, dragging down the broader CoinDesk 20 index, which is now down 16%.
The ongoing decline in Ethereum’s price over the past three months reflects a mix of bearish investor sentiment, weaker institutional demand, and macroeconomic pressures such as inflation concerns, stock market struggles, and fears surrounding global trade tensions. ETH has also underperformed relative to Bitcoin (BTC), highlighting its vulnerability in the current market environment.
According to CoinGlass, approximately $165 million in long ETH positions have been liquidated over the past 12 hours, as traders struggle to hold their positions amid the downturn.
Meanwhile, prediction markets on Polymarket indicate a 76% probability that ETH will drop to $1,900 by the end of the month.
Institutional investors have also shown signs of caution, with Ethereum ETF outflows totaling a significant -$335 million last week, according to SoSoValue data.
