The price of Ethereum (ETH) has declined 15% in the past 24 hours and fallen to its lowest level since November 2023.
Ethereum’s price has plunged to just over $2,100 amid a broader selloff in cryptocurrencies sparked by U.S. President Donald Trump’s trade war with Canada, Mexico and China. The current decline in Ethereum continues a downward trend that has been ongoing for the better part of three months.
News that the U.S. has imposed 25% tariffs on most goods imported from Canada and Mexico has sent Ethereum and other crypto prices lower. Also weighing on the price of ETH is bearish investor sentiment, weak institutional demand, and signs of a slowing U.S. economy.
Likely to Get Worse?
Investors are betting that the situation with Ethereum will get worse before it gets better. Bettors on Polymarket are forecasting a 76% chance that the price of ETH will fall to $1,900 or lower within the next month. Ethereum spot exchange-traded funds (ETFs) that track price movements in the second largest cryptocurrency have registered outflows of $335 million in the past week.
Ethereum isn’t alone in the current selloff. The price of Bitcoin (BTC), the biggest cryptocurrency by market capitalization, has fallen 10% over the past 24 hours to trade at $84,600 per digital token. Unlike stocks, cryptocurrencies trade 24 hours a day, seven days a week.
Ethereum’s price has declined 36% so far this year.
Is ETH a Buy?
Most Wall Street firms don’t offer ratings or price targets on Ethereum, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of ETH has declined 43.69% in the last 12 weeks.
