Ethereum (ETH) hit a new yearly low of $2,076 earlier today, further weakening sentiment around the second-largest cryptocurrency by market cap. If Ethereum falls below $2,000, it could trigger additional losses for investors.
Ethereum Sentiment At A 12-Month Low
According to data from CoinGecko, Ethereum has dropped roughly 28% over the past 30 days and is currently trading around the $2,200 level. The cryptocurrency has shed more than $230 billion in market capitalization since December 2024.
Crypto investment manager 0xLouisT took to X to share a chart indicating that sentiment around Ethereum is at its lowest point in a year. A drop below $2,000 could intensify bearish sentiment, putting further pressure on ETH.
Similarly, Bitcoin (BTC) trader and investor Jason Pizzino remarked that ETH could be “in more trouble than expected” if it closes below the $2,000 to $2,100 range. He added:
Remember, February was when most influencers were beating the drum for $ETH and told us to “follow the money” because Trump et al., were buying millions of dollars. That always sounds fishy to me.
A close below $2,000 would complete a bearish double-top pattern on the monthly chart, potentially sending ETH into the low $1,000 range. For context, the last time Ethereum traded in the $1,500 range was in October 2023.
