Ethereum Tests $2,000 Support, Hits Lowest Price Since November 2023

Ethereum Sinks to Lowest Price Since November 2023 as Market Sell-Off Deepens

Ethereum (ETH) has fallen to its lowest level since November 2023, as mounting macroeconomic uncertainty and U.S. President Donald Trump’s trade war threats continue to rattle markets.

ETH has plummeted 15% in the past 24 hours, according to CoinDesk Indices, dragging the CoinDesk 20 index down by 16% as broader crypto markets face intense selling pressure.

Ethereum’s decline over the past three months has been driven by a combination of weak institutional demand, underperformance relative to Bitcoin (BTC), and a risk-off sentiment fueled by inflation concerns, stock market instability, and trade war anxieties.

Data from CoinGlass reveals that $165 million in long ETH positions have been liquidated in the past 12 hours, as leveraged traders face heavy losses.

On Polymarket, traders are currently pricing in a 76% chance that ETH will fall to $1,900 by the end of the month, reflecting continued bearish sentiment.

Adding to the pressure, Ethereum ETFs saw significant outflows last week, with SoSoValue reporting withdrawals totaling -$335 million.