Crypto news

Ethereum’s Dramatic Plunge: Can It Rise Like a Phoenix or Just a Slightly Singed Chicken?

BBG News
  • ETH’s market share has plummeted to a staggering 7%, a record low that even the most pessimistic of pessimists would find hard to believe. 🐔
  • Analysts, those brave souls, are predicting a miraculous 20% recovery in the next fortnight. Or maybe they just had a good breakfast. 🍳

Once upon a time, in the not-so-distant land of 2021, Ethereum [ETH] was riding high with a market share of over 20%. Now, it has nosedived to a record low of 7%, which is about as popular as a wet sock at a shoe convention.

In the last three years, this altcoin has danced around a market size of 16%-20%, but alas, it took a wrong turn in 2024 and ended up in the land of despair.

Overall, ETH’s size has shrunk by a whopping 67%, leaving it at a five-year record low of 7%. This decline is largely due to tariff uncertainties and a sentiment so negative it could make a black hole look cheerful. 😱

ETH/BTC Ratio Down 77%: A Tale of Two Cryptos

During this tumultuous period, Bitcoin (BTC) has been strutting its stuff, outperforming the once-mighty Ethereum, which is now about as relevant as a floppy disk. The ETH/BTC ratio has plummeted to a five-year low of 0.018, which is a decline of 77% since the great shift from PoW (Proof-of-Work) to PoS (Proof-of-Stake). Talk about a fall from grace! 😅

ETH’s value has also taken a nosedive, dropping 64% from over $4K to a mere $1.5K. And it’s not just the retail investors feeling the pinch; even the institutions have lost their appetite for this once-beloved altcoin in 2025.

Unlike the glory days of December 2024, when over $2 billion flowed into spot ETH ETFs like a river of gold, Q1 2025 has seen demand that could be described as weak, at best. According to Soso Value data, inflows in January and February were about $100M or less. Ouch! 💸

To add insult to injury, nearly $500M has been withdrawn from these products since March. It’s like watching a magician pull a rabbit out of a hat, only to find it’s a very grumpy cat instead.

Despite the gloom and doom, Ethereum has some tricks up its sleeve, with several key upgrades on the horizon, including Pectra and Fusaka. These updates aim to make transactions cheaper and faster, hoping to compete with fierce rivals like Solana [SOL].

Another potential silver lining could be the approval of staking on ETH ETFs, with the next key deadline looming in June. Will ETH find its footing around $1.5K? Only time will tell, and perhaps a few crystal balls.

However, trader Michael van de Poppe, a name that sounds like it belongs in a fantasy novel, has projected that ETH could rise by 20% by the end of April or early May, citing oversold conditions on the weekly chart that might just signal a potential reversal. Fingers crossed! 🤞

“I wouldn’t be surprised to see a 20% upwards candle on $ETH in the coming 1-2 weeks.”

Read More

2025-04-17 02:19

Previous post Yumin Ha joins League of Legends for exclusive Spirit Blossom Beyond collection
Next post Pixie Geldof Stuns in Red at French Connection Launch Amid Sister’s Secret Wedding