Ethereum (ETH) Price Action Sparks Debate as the Asset Remains Under Pressure

Market data shows ETH has fallen nearly 16% over 12 hours. It briefly dipped below $1,800 for the first time since October 2023.

Ethereum’s price action has sparked intense debate among traders, as the asset remains under pressure following a turbulent first quarter of 2025.

Market data shows ETH has fallen nearly 16% over 12 hours. It briefly dipped below $1,800 for the first time since October 2023. Analysts now warn that the next move could determine Ethereum’s trajectory for the coming months.

Crypto market capitalization has also taken a hit, dropping by $240 billion in a single day. This erased all gains made since the U.S. elections, pushing total market value down to $2.6 trillion.

With Ethereum leading the losses among top altcoins, questions arise over whether the asset is nearing its bottom or preparing for further declines.

This analysis delves into the technical patterns, institutional demand indicators, and network disruptions that are shaping Ethereum’s price trends and broader implications for the cryptocurrency market.

Institutional participation in Ethereum appears to be weakening, as the Coinbase Premium Index remains negative. This indicates ETH is trading at a discount on Coinbase compared to Binance, signaling lower appetite from institutional and retail traders in the U.S.

Historically, extended periods of negative Coinbase Premium values have aligned with price downturns, reinforcing the bearish outlook. For Ethereum to regain bullish momentum, the index must turn positive, reflecting renewed accumulation from major buyers.

This aligns with the analysis from analyst @0xQuit, who is questioning whether ETH is at the start of a bear market or approaching its bottom.

"That seems reasonable given the pain we’ve seen," the analyst stated.

Should Ethereum fail to reclaim key resistance levels, forecasts of deeper losses to $1,500—or even as low as $200 to $400—could come into play. This would mimick previous bear market cycles that saw ETH lose over 90% of its value.