Ethereum (ETH)’s market value has fallen to its lowest since October 2023.
Between yesterday and today, in reality, there was an excursion that initially fell below $1,900, then below $1,800, up to $1,750.
At this point, 46% have been lost since the start of the year and 64% have been lost from the historic highs in November 2021.
Ethereum value trends
In the 2022 bare market, ETH prices were below $900 after reaching an all-time high.
However, in September of the same year, it had marked a massive rebound due to the transition from proof of work to proof of stakes, which had surpassed $2,000 the previous month. However, that rebound did not last long, so by the end of the year it returned to about $1,000.
During 2023 it managed to climb over $2,000, but only started a period of vibrations from $1,500 to $2,100, which ended in December.
The current prices are actually back to that range.
In fact, Trump’s trade has risen to over $4,000 in the beginning of 2024, already below $2,200 in the second half of the year, but Trump’s trade has once again risen to over $4,000.
The collapse of Ethereum’s value
To tell the truth, we have been able to go above $3,000 recently, with the exception of three short peaks that exceeded $4,000 in half last year, but a new bear began in early February this year.
Seeing $3,300 from the end of January, we lost 23% first in the first 10 days of February, then extended our loss to 35% in early March, and at -46% in early April.
Instead, the losses rise to 55%, with reference to the maximum peak of the last period, that is, the largest peak of around $4,000 in December.
But the most surprising thing is that it was around $2,400 before Trump’s deal, so it has lost 25% since.
On the contrary, at the beginning of 2024, I lost over 24% with almost $2,300 reference.
These are really bad numbers, but there is probably an explanation.
Altcoin and Bitcoin
What’s strange is that -46% of ETH since the start of the year is close to -39% of SOL (Solana), lower than -49% of Doge (Dogecoin).
In fact, there are several ciphers that have recorded similar losses since the beginning of 2025.
Instead, Bitcoin is limited to -12%.
Therefore, the value crash of ETH appears to be not an issue related to Altcoins, not Ethereum or the crypto market.
In fact, in a month and a half, the market is now in its full Bitcoin season. This means a period when BTC price trends are far superior to Altcoins price trends.
In other words, on the one hand, crypto markets suffer because all financial markets suffer, while on the other hand, altcoins suffer even more from capital flights to Bitcoin.
Ethereum Case
The most concern about the value of Ethereum is that it not only fell below the level in late October 2024, but below the level in late October 2023.
For example, Ethereum has declined from $1,800 to $1,750 over the last year and a half, but instead over the same period, Bitcoin has risen from $37,000 to more than $81,000.
During the same period, Ethereum’s main competitor Solana has risen from $40 to $113, perhaps the biggest problem accumulated by Ethereum in recent years.
This adds two other issues:
The first is the fact that there was no strong recovery after the transition to the proof that was proven in September 2022, but it was only a simple bouncing that simply brought the price of ETH to -65% from the bull’s high.
Second, last July, Grayscale Ethereum Trust, which once transformed into an ETF, was able to ultimately sell many ETHs that they had over-purchased in the past, significantly increasing sales pressure and suddenly increasing.
At that point, Ethereum prices fell from $3,200 to $2,200, and in the next few months they couldn’t even go beyond $4,100 in March.
So while competition with Solana seems to have the most weight to carry, there are a few issues that plague Ethereum.
