The price of %Ethereum (CRYPTO: $ETH) has declined 15% in the past 24 hours and fallen to its lowest level since November 2023.
Ethereum’s price has plunged to just over $2,000 U.S. amid a broader selloff in %Cryptocurrencies sparked by U.S. President Donald Trump’s trade war with Canada, Mexico and China.
The current decline in Ethereum continues a downward trend that has been ongoing for the past three months.
News that the U.S. has imposed 25% tariffs on most goods imported from Canada and Mexico has sent Ethereum and other crypto prices sharply lower.
Also weighing on Ethereum’s price has been bearish investor sentiment, weak institutional demand, and signs of a slowing American economy.
Worse, investors are betting that the situation with Ethereum will get worse before it gets better.
Bettors on %Polymarket are forecasting a 76% chance that Ethereum’s price will fall to $1,900 U.S. or lower within the next month.
At the same time, Ethereum spot exchange-traded funds (ETFs) that track price movements in the second largest cryptocurrency have registered outflows of $335 million U.S. in the last week.
However, Ethereum isn’t alone in the current selloff. The price of %Bitcoin (CRYPTO: $BTC), the biggest crypto, has fallen 10% over the past 24 hours to trade at $83,000 U.S. per digital token.
Cryptocurrencies trade around the clock, 24 hours a day and seven days a week.
