Ethereum Plummets 20% in 24 Hours, Crashing Below $1,500!

ETH Tanks to $1,476 Amidst Market-Wide Selloff

Holy crypto crash, Batman! Ethereum just took a nosedive, dropping a whopping 20% in the last 24 hours and falling below $1,500 for the first time since March 2023. At press time, ETH is trading at a measly $1,476 after hitting a high of $1,799 just yesterday. The entire market is feeling the heat as Donald Trump's new tariffs are putting the squeeze on crypto prices. It's a bloodbath out there, folks!

$400 Million in ETH Positions Liquidated in a Single Day

Get this: over $400 million worth of Ethereum positions got wiped out in the past 24 hours alone. Long trades took the biggest hit, losing a staggering $341 million. As traders scrambled to cut their losses, open interest in Ethereum futures plummeted by 15%. It's like watching a high-stakes game of musical chairs, and everyone's scrambling for a seat!

Whale Loses Over $100 Million in Brutal Liquidation Event

One unlucky whale got hit hard in this crypto storm. This big shot had taken out a massive loan on the DeFi platform Sky (formerly Maker) and lost a jaw-dropping 67,570 ETH, worth more than $100 million! When ETH's price tanked, the system automatically sold off the whale's collateral to cover the debt. Ouch, that's gotta hurt!

Ethereum's Rough Year: Q1 2025 Marks Third-Worst Quarter Since 2016

Ethereum's been on a wild ride this year, and not in a good way. The first quarter of 2025 was a total disaster, with ETH losing a staggering 45% of its value and shedding about $170 billion. That makes it the third-worst quarter for Ethereum since 2016. Even though it led in DEX trading volume in March, the network's fee income took a nosedive, dropping from $142 million in January to just $21 million in March. It's like watching a crypto rollercoaster go off the rails!

EIP-1559 Upgrade Lowers Fees, But Ethereum Turns Inflationary

The March 2024 EIP-1559 upgrade, also known as the Dencun upgrade, was supposed to be a game-changer by lowering transaction fees. And it did, but at a cost. Ethereum became inflationary again, and the burn rate of ETH hit its lowest level since August 2021. It's like trying to put out a fire with gasoline!

Analysts Turn Cautious on ETH as Competition Heats Up

Even the analysts are getting cold feet about Ethereum. After being all bullish in 2024, Standard Chartered analysts slashed their year-end ETH price target from $10,000 to $4,000 in March. Why? Because Ethereum's facing some serious competition from layer-2 solutions that are stealing users with faster speeds and cheaper fees. The upcoming Pectra upgrade might help, but with the ongoing macroeconomic pressure, Ethereum's price is still in the danger zone.