ETH Is Bleeding As Analysts Believe That Its Price Might Hit The Lowest Since October 2023

ETH has been on a downhill turn for three consecutive days and is not showing signs of stopping or slowing down. Currently, the graphs show a death-cross pattern, and it is anticipated that the token might fall to $1500. At press time, ETH is hovering around $2,430 with no signs of uptrend. The token has fallen by at least 40% since its all-time high of November 2024. Currently, ETH is rapidly becoming one of the most underperformed tokens despite being the second biggest token in the world. 

TokenTerminal data shows that fees generated by ETH have been declining for the last few months. As of now, the token has managed to earn around $9.8 million last week. This is considerably lower than 2024’s weekly high of over $217 million. Moreover, networks like Tron, Uniswap, Solana, and Jito have surpassed ETH in free generation.  

Furthermore, the token’s position in DeFi has also weakened considerably. The total value of the token has dropped by 12.5% in the past 30 days to $54.32 billion. Still, ETH remains one of the largest players in the stablecoin sector based on market cap. Overall, the token has seen better days, and people anticipate that a drop is inevitable a this point.  

ETH Price Crash To $1500 

Source: Tradingview

ETH is currently bleeding all over the floor. The daily metrics of the token show a series of lower lows and lower highs in the coming weeks. The price has already fallen to $2400 from $4000, the all-time high of November last year. The metrics show a blatant death cross pattern as 200-day and 50-day moving averages intersect. Moreover, ETH has also dropped below the 61.8% retracement level. 

Hence, all signs suggest that ETH might fall by 35% to around the $1,530 range. Therefore, the token has been marked as the lowest price since October 2023. As a result, it is high time to start selling or brace for impact. Since ETH will be hitting the lowest of lows in the coming week(s).