Ethereum (ETH) continued its slide with a daily drop of over 9%, falling to an eight-month low of $1,934 after breaking the $2,000 psychological level for the first time since May. The second-largest crypto has oscillated between roughly $2,100 and $4,400 over the last two years, and the Q1–Q2 2025 correction saw it lose key support inside that macro range. From its August all-time high of $4,956, ETH is down more than 60% in the past five months.
Chart observers say simple horizontal levels are guiding the move. Daan Crypto Trades noted that clean horizontal areas on ETH’s chart are the primary levels to watch: break one, target the next. If ETH cannot reclaim the $2,000–$2,100 area soon, he expects a retest of the $1,800 zone—the breakout level prior to the large rally. Altcoin Sherpa warned that ETH’s chart “looks bleak” after losing the 200-week exponential moving average (EMA), and argued that a confirmed break below $2,000 would likely push Ether back toward April 2025 lows near $1,400–$1,500.
The decline has inflicted sizable pain on funds and large holders. Reports show BitMine, one of the largest crypto treasuries, saw unrealized losses jump to about $6.6 billion by Monday, and the firm’s losses rose further after ETH fell below $2,000, surpassing $8 billion in unrealized losses. BitMine chair Tom Lee reiterated confidence in Ethereum’s fundamentals, calling the pullback an attractive entry given ETH’s utility and role in finance.
Spot ETH exchange-traded funds also recorded outflows: roughly $80 million lost on Wednesday and about $68 million net outflow over the first three trading days of the week. On derivatives venues, CoinGlass data put ETH liquidations at $326.6 million in the past 24 hours, with roughly $245.5 million from long positions and nearly half of total liquidations occurring in the last four hours.
If downside momentum continues and key supports fail to hold, traders and analysts expect ETH to test the lower bounds of its macro range, including the April 2025 lows around $1,400–$1,500. Featured chart source: TradingView.
