Ethereum sank more than 9% in a single day, sliding to an eight-month low of $1,934 after breaching the $2,000 psychological level for the first time since May. The token has traded roughly between $2,100 and $4,400 over the past two years, and a correction in Q1–Q2 2025 removed key support inside that broader range. From its August all-time high of $4,956, ETH has lost over 60% in the last five months.
Chart analysts point to simple horizontal zones as the main drivers of the move. Daan Crypto Trades emphasized that clear horizontal levels are guiding price: when one is broken, the market targets the next. He said that if ETH cannot reclaim the $2,000–$2,100 area soon, a retest of the $1,800 breakout level that preceded the big rally is likely. Altcoin Sherpa warned that the chart “looks bleak” after Ether fell below the 200-week exponential moving average (EMA), arguing a confirmed break under $2,000 would probably send ETH back toward April 2025 lows near $1,400–$1,500.
The rout has inflicted heavy unrealized losses on large holders and treasuries. Reports show BitMine, listed as one of the largest crypto treasuries, saw unrealized losses rise to about $6.6 billion by Monday; after ETH slipped below $2,000 the firm’s paper losses exceeded $8 billion. BitMine chair Tom Lee nonetheless reiterated faith in Ethereum’s fundamentals, calling the pullback an attractive buying opportunity given ETH’s utility and financial roles.
Investor flows reflected the selling pressure. Spot ETH exchange-traded funds recorded outflows—roughly $80 million left on Wednesday, and about $68 million in net outflows across the first three trading days of the week. On derivatives platforms, CoinGlass data showed about $326.6 million in ETH liquidations over the past 24 hours, with roughly $245.5 million coming from long positions and nearly half of total liquidations occurring in the final four hours of that window.
If downside momentum persists and these support levels fail to hold, traders and analysts say Ether could revisit the lower boundary of its macro range, including the April 2025 lows around $1,400–$1,500. Featured chart source: TradingView.