Ether (ETH ($2,939.76)) is testing levels not seen since November 2023, as the market continues to be hit by volatility resulting from U.S. President Donald Trump's trade war threat.
ETH is down 15% in the last 24 hours, according to CoinDesk Indices data, dragging down the CoinDesk 20, a measure of the largest digital assets, which is down 16%.
Ether's decline over the past three months has been driven by bearish investor sentiment, reflected in its underperformance relative to BTC ($87,643.00) and weak institutional demand, alongside macro headwinds like trade war fears, inflation concerns, and stock market weakness, which have dampened risk appetite.
CoinGlass data shows that nearly $165 million in ETH long positions have been liquidated in the last 12 hours.
Bettors on Polymarket are giving a 76% chance of ether hitting $1900 by the end of the month.
Ether ETF outflow was deep in the red last week, according to data from SoSoValue, coming it at -$335 million.
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