Ethereum has wiped out seven years of gains, plummeting more than 10% over the past 24 hours in a fall below its 2018 cycle peak of $1,450.

The second largest crypto asset by market capitalization tanked to $1,400 in early trading on Wednesday in Asia. The move was part of a broader crypto market slump as Donald Trump’s global trade tariffs came into effect on April 9.

The asset is now more than 70% down from its 2021 market cycle peak of $4,878, and the majority of those losses have been over the past three months.

$ETH – #Ethereum is trading at generational lows. I think it will find a bottom overhere soon. Insane opportunity. pic.twitter.com/LFuAdfoby0

— Crypto Caesar (@CryptoCaesarTA) April 8, 2025

Ethereum Technicals Break Down

Ethereum has also dropped below its realized price, meaning that the average long-term holder is now underwater, as are short-term Bitcoin holders. However, this has historically marked major accumulation zones and bottoming phases.

Additionally, the BTC/ETH ratio, which is a measure of the asset price in terms of Bitcoin, has dumped to its lowest levels for five years at 0.018, according to Tradingview.

Ethereum / Bitcoin pair is at the bottom zone!

A big move is coming soon…

Be patient $ETH #ETH #Ethereum pic.twitter.com/BxqPo89pZ9

— @CryptoELlTES (@CryptooELITES) April 7, 2025

Analyst James Check shared an even more depressing statistic in that Bitcoin has outperformed Ethereum for 85% of trading days since the asset was launched in 2015.

Nevertheless, it appears to be weak retail hands that are panic selling since institutional ETF investors seem to be holding. The majority of spot Ether ETFs in the United States have seen zero flows or very minor outflows over the past few days as spot prices collapsed, according to Farside Investors.

Where Next For ETH?

On the positive side, analysts have noted a dwindling supply of Ethereum on exchanges, which could lead to a supply shock.

The Ethereum supply shock is coming.

And 99% of people aren’t ready for it.

This will melt faces. pic.twitter.com/EM4ySH9UWl

— Merlijn The Trader (@MerlijnTrader) April 8, 2025

Other technical signals, such as RSI (relative strength index), are deep in oversold territory, suggesting that a bottom could be near.

Fundamentally, little is likely to change until the macroeconomic outlook improves and trade deals are made between the US and global trading partners, which could be later this year. Central banks printing more money to put out the fires could also inject more liquidity into crypto assets.

Ethereum could also be boosted if real-world asset tokenization takes off and the network is used for products, increasing the demand for ETH.

Until then, Ethereum remains the outcast of the crypto community having lost all value accrued since 2017. Some say it is a generational buying opportunity, others have jumped ship already.