Ethereum (ETH), the native cryptocurrency of the Ethereum blockchain, has experienced a decrease of about 6.7% over the last 24 hours, following a significant crash in the market on Friday. This drop contrasts heavily with many altcoins that suffered declines exceeding 95%.

The market downturn originated from a tariff announcement by U.S. President Donald Trump, leading to ETH’s price plummeting to approximately $3,510, marking a decline of over 20% in just one day.

ETH managed to bounce back above $3,800 after recently touching the 200-day exponential moving average (EMA), a key support level, while the relative strength index (RSI) has dropped to 35, nearing oversold territory, which may indicate a possible recovery.

A shocking nearly 1.6 million crypto traders faced liquidation during this event, as reported by Coinglass. Following the crash, crypto investor Sassal remarked:

“BTC and ETH did relatively well compared to the long-tail of alts, which nuked 70% or more, with some even going down 95% or more. I’m not usually into conspiracies, but clearly, this was not normal market behavior.”

This crash was recorded as the most devastating liquidation event in the crypto industry, with estimates showing that it erased up to $20 billion within 24 hours, severely shaking investor confidence amid fears of an ongoing trade war between the United States and China.

Outlook for ETH’s Price

Ethereum has dropped over 22% from its peak of $4,957 in August, as per data from TradingView. Analysts at investment research firm Fundstrat foresee that ETH could reach a new all-time high of $5,550, following the downturn.

However, there are concerns over potential selling pressure hindering price recovery. The mean inflow of ETH into exchanges, which indicates potential selling activity, surged to 79, the highest recorded in 2025, according to CryptoQuant.

Additionally, withdrawals from Ethereum’s staking queue reached $10 billion in October, signifying possible selling pressure from validators exiting the queue. However, analysts from market intelligence firm Nansen indicated that this does not necessarily imply that these validators would sell.

Related Article: ETH’s decline alongside Bitcoin; despite this, Ether’s adoption could still support a rally to $10,000.