Ethereum Faces Major Sell-Off Amid Market Volatility and Trade War Fears

Ethereum (ETH) is currently experiencing significant price declines, hitting levels last seen in November 2023. The coin has dropped 15% in the last 24 hours, contributing to a broader decline in the crypto market, which is down 16% according to CoinDesk 20. Investor sentiment remains bearish, particularly as ETH has underperformed compared to Bitcoin (BTC), and macroeconomic factors such as U.S. trade war tensions, inflation concerns, and overall stock market weakness have dampened risk appetite. Moreover, nearly $165 million in ETH long positions were liquidated in the past 12 hours, further amplifying the downward pressure. Despite these troubles, some bettors on Polymarket still assign a 76% chance for ETH to reach $1900 by the end of the month, hoping for a market rebound amidst continued volatility.