Ethereum has seen a dramatic slump in the past few days, with its price plummeting after a failed attempt to break through the $2,500 barrier.
Currently, the altcoin is testing critical support levels around $2,000, extending its losses for the year to a staggering 36%. If it continues to fall, Ethereum is on track to record its worst-ever first quarter performance, with some analysts predicting that a dip below $1,600 could make this its most disastrous quarter yet.
In a little over three days, Ethereum’s price dropped more than 14%, with significant liquidations pushing $209 million in the last 24 hours alone. After starting 2025 strong at around $3,300, the cryptocurrency has seen a major retreat, leaving many investors concerned.
A major whale, reportedly shorting Ethereum with significant leverage, has made massive profits from this decline. In fact, the whale’s unrealized gains have surpassed $81 million as the price continues to drop.
The situation has worsened for Ethereum’s ETFs, particularly BlackRock’s iShares Ethereum Trust (ETHA), which has experienced over $164 million in outflows since February.
This lack of institutional confidence is evident, with ETHA shares down nearly 40% since the start of the year. Peter Schiff, a notable critic of cryptocurrency, expressed skepticism, claiming that Ethereum still has far to fall despite short-term hype.
Donald Trump’s memecoin project has seen a noticeable shift in activity following his announcement of exclusive rewards for major tokenholders, including a private dinner and a possible White House tour.
Momentum is building around Solana (SOL), with some market watchers suggesting it could soon surpass Ethereum (ETH) in performance if the crypto market heats up again.
A closely watched crypto analyst, known as InvestAnswers, believes that while Bitcoin (BTC) remains in a clear uptrend, Solana (SOL) is positioned to outperform the leading cryptocurrency.
Bitwise, a leading crypto asset manager, has taken an early step toward launching a NEAR Protocol-based exchange-traded fund (ETF).