Ethereum Price Plunges To 2018 Levels: What Is Going On?

Ethereum ETH/USD has pulled back to levels not seen since 2018, yet key players from whales to traders remain defiant about the coin’s future prospects.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Ethereum ETH/USD	$1,582	$193.5 billion	-0.3%	+4.5%
Bitcoin BTC/USD	$84,853	$1.68 trillion	+0.6%	+6.7%
XRP XRP/USD	$2.08	$121.5 billion	-2.0%	+5.5%

Trader Notes: In an X post on Wednesday, trader CrypNuevo highlighted that Ethereum's current range mirrors historical accumulation zones.

With Bitcoin holding its one-week 50-day moving average and BTC dominance not yet peaking, he's placing some of his largest spot buys in this range.

Crypto Caesar emphasized the importance of this support zone, calling it a potential millionaire-making moment. He urged traders not to sit idle, saying the next big move is likely just “a few clicks away.”

$ETH – #Ethereum is testing support. I'm still bullish. This is not the time to do nothing. In times like this millionaires are being made. You are just a few clicks away. pic.twitter.com/aSmNh8fB3v
— Crypto Caesar (@CryptoCaesarTA) April 16, 2025

Niels, another prominent trader, acknowledged ETH's underperformance this cycle despite ETF approvals, major upgrades, and institutional interest.

He believes the two catalysts that could send ETH to $10,000 are: a return of Fed quantitative easing and approval of ETH spot ETFs with staking enabled.

Statistics: Ethereum ETF flows remain negative, according to trader Ted Pillows, who suggests staking might be the only lever left to revive bullish momentum.

$ETH ETF inflows remain in the red.

Ethereum staking might be the only factor capable of reversing the trend. You agree? pic.twitter.com/xZMsacmU3Z
— Ted (@TedPillows) April 17, 2025

CryptoGoos pointed out a curious divergence: whales are buying heavily—possibly anticipating a move retail hasn't yet seen.

Coinglass data shows a 4.6% spike in open interest, with $27.8 million in liquidations over 24 hours. Notably, short liquidations ($14.5M) are outpacing longs, suggesting the market could be bracing for a squeeze.

IntoTheBlock data reveals a 2.2% increase in large transaction volume and a 4% bump in daily active addresses. Exchange netflows dropped 127.6%, signaling potential accumulation off exchanges.

Community News: Crypto YouTuber Crypto Rover reminded his followers that BlackRock now owns $2 billion in ETH, arguing that such a move from the world's largest asset manager isn’t made lightly.

In a post on April 17, analytics firm Santiment’s marketing director Brian Quinlivan noted that Ethereum gas fees are at five-year lows, indicating a lack of on-chain activity.

Historically, these conditions have preceded price rebounds, making current entry levels appealing for long-term investors. Low fees usually signal a bottom, Quinlivan said and they often precede strong upside moves.

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