Ethereum (ETH) Collapses to Its Lowest Level Since March 2023

NAIROBI (CoinChapter.com)— Ethereum (ETH) collapsed to its lowest level since March 2023, fueling fears of deeper losses

NAIROBI (CoinChapter.com) – Ethereum (ETH) price collapsed to its lowest level since March 2023 on Monday, fueling fears of deeper losses after wallets tied to Donald Trump’s crypto project sold millions in ETH at a loss.

According to TradingView data, ETH fell to $1,454 during early morning trading, dropping more than 24% over seven days. The drop brought the token below key long-term support and into oversold territory on the weekly Relative Strength Index, which reached 30.29.

As reported by blockchain analytics platform Lookonchain on Sunday, one whale who had been holding 10,000 ETH since late 2022 sold their entire position at $1,578. The wallet initially bought the tokens for $13 million, averaging $1,295 per ETH. The exit brought a $2.75 million profit—a far cry from the $27.6 million in unrealized gains the whale missed out on by not selling when ETH hit $4,015 in December 2023.

“This whale didn’t sell when Ether broke through $4,000,” wrote Lookonchain on X. “But today, he exited.”

The ETH whale was not the only one being observed by crypto traders. In a separate post on Monday, Lookonchain flagged a wallet “possibly tied” to World Liberty Financial, a Donald Trump-affiliated crypto project. That wallet sold 5,471 ETH for $8.01 million at $1,465 each. According to Lookonchain, the wallet had bought 67,498 ETH at an average of $3,259—implying a $125 million paper loss.

“Is Trump selling $ETH?” asked crypto analyst Ted Pillows on X. “The math doesn't add up. Trump's wallet sold 5,471 $ETH at $1,465 each for a total of $8,010,000. He bought 67,498 $ETH at an average price of $3,259. That's a $125 million loss.”

While the connection between Trump and the wallet remains unverified, the panic appeared to impact the mood in crypto markets.

As reported by Crypto Tony, a market commentator with over 300,000 followers on X, ETH could fall further, with $1,290 and $1,200 next in sight.

“Does not look good. I saw a big whale capitulated yesterday, which is a good sign when looking for a near bottom,” wrote Crypto Tony.

Market data supported the bearish view. ETH broke below the 0.5 and 0.618 Fibonacci retracement levels of the 2023-2024 rally. The breakdown below $1,753—the cycle’s local bottom—further weakened bullish hopes. As of now, the price hovers just above $1,450, with little support until $1,200.

“1200 is where we might find #Ethereum $ETH footing!” added analyst Ali Martinez.

The ETH/BTC ratio also hit a five-year low of 0.018 on Monday. According to analyst James Check, Ether had underperformed Bitcoin on 85% of trading days since launch.

“Interesting stat: Ethereum has only outperformed Bitcoin for 15% of all trading days. It's a testament to how poorly ATOM, ADA, LINK, and other altcoins have performed that we're even discussing this ratio. Usually, it's not even a topic of conversation,” Check noted.

The last time the ETH/BTC pair dropped below this level was in December 2019, when ETH traded at $125 while Bitcoin hovered around $7,000.

Some long-time ETH supporters also expressed concerns about the network’s broader stagnation.

"I love Ethereum. However, it’s time to face reality," wrote Web3 researcher Stacy Muur. "Ethereum has had [around] the same number of active addresses for the past 4 years. We're not seeing new users come in droves like we do on other chains."

That view underscored a frustration within the Ethereum community. While Ethereum Layer-2 networks like Arbitrum and Optimism have grown rapidly, base-layer activity plateaued. According to L2beat, Layer-2 platforms now hold a growing share of Ethereum's total value locked (TVL), but that did not translate into higher ETH demand in recent months.

Meanwhile, macro conditions remained hostile. The Trump administration’s sweeping global tariffs, announced last week and then partially reversed