Ethereum (ETH) has plunged below the $1,500 threshold for the first time since March 2023, marking a dramatic downturn in one of the crypto market’s leading assets. The decline comes amid broader economic uncertainty, with analysts pointing to former President Donald Trump’s sweeping trade tariffs as a major trigger behind the market-wide selloff.
ETH Price Drops Over 20% in 24 Hours
At the time of writing, Ethereum is trading at $1,476, down more than 20% in the past 24 hours, with a daily high of $1,799 now a distant memory. The sudden decline follows the announcement of aggressive U.S. import tariffs, which sent shockwaves through both traditional finance and crypto markets.
This crash has led to significant losses for traders, especially those holding long positions. According to data from Coinglass, over $400 million in Ethereum positions have been liquidated in the last day, with long trades accounting for $341 million of that figure. Open interest in Ethereum futures has also dropped by 15%, reflecting a broader pullback in investor sentiment.
Whale Liquidation Adds to Pressure
In one of the day’s most significant losses, a large investor reportedly lost 67,570 ETH, valued at over $100 million, after a massive liquidation on the Sky (formerly Maker) DeFi platform. The loan, backed by ETH, was automatically liquidated when the price plunged, according to blockchain analytics firm Lookonchain.
“As $ETH plummeted, the 67,570 $ETH ($106M) held by this whale on #Maker was liquidated,” Lookonchain wrote on X.
ETH’s Rough Start to 2025
This latest selloff adds to what has already been a challenging year for Ethereum. The token ended Q1 2025 down 45%, shedding nearly $170 billion in market value—making it Ethereum’s third-worst quarter since 2016.
Despite leading all networks in DEX trading volume during March, Ethereum’s fee income has nosedived, falling from $142 million in January to just $21 million by March, according to DefiLlama. The Dencun upgrade (EIP-1559) introduced in March 2024 helped lower transaction fees but also made Ethereum inflationary again, with the burn rate dropping to its lowest level since August 2021.
Analysts Scale Back Predictions
Once hailed as a candidate to reach $10,000, Ethereum’s prospects are now being approached more cautiously. In March, Standard Chartered slashed its year-end ETH price target from $10,000 to $4,000, citing increasing competition from layer-2 scaling solutions. These rollups offer faster transactions and lower fees, drawing user activity away from the Ethereum mainnet.
While the upcoming Pectra upgrade is expected to improve Ethereum’s technical foundation, analysts warn that ongoing macroeconomic volatility particularly surrounding U.S. trade policy—will continue to weigh heavily on ETH’s performance.
