Ethereum Price Takes a Hit on March 24 – What’s Behind Today’s Drop in ETH?

Updated

March 24, 2025

Gambar Ethereum Price Takes a Hit on March 24 – What’s Behind Today’s Drop in ETH?

Jakarta, Pintu News – The price of Ethereum experienced a decline in trading today, March 24, 2025, sparking the attention of investors and crypto market observers.

After several days of relatively stable movement, ETH has now recorded a correction. This condition has led to various speculations regarding the causes behind the decline, ranging from technical factors to global market sentiment.

So, what exactly is going on with Ethereum today?

Ethereum Price Drops 0.37% in 24 Hours

As of March 24, 2025, Ethereum (ETH) was trading at approximately $1,993, or around IDR 33,055,892, marking a slight dip of 0.37% over the past 24 hours. Within that time frame, ETH reached a high of IDR 33,484,881 and dipped to a low of IDR 32,791,401.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at around $240.74 billion, with daily trading volume rising 41% to $8.45 billion in the last 24 hours.

ETH price drops over 51% during downtrend

According to Cointelegraph, Ethereum (ETH) needs to reclaim its “macro” price range above the $2,200 level to gain further upward momentum, as the crypto market is still pressured by global macroeconomic concerns at least until early April 2025.

According to data from TradingView, the price of ETH has dropped by more than 51% during its three-month downtrend, having previously peaked above $4,100 on December 16, 2024.

To reverse the direction of this downtrend, Ethereum price needs to re-enter the macro price range above $2,200, wrote renowned crypto analyst Rekt Capital in a post on X on March 19:

“If the price is able to generate a strong enough reaction in this area, then #ETH has the potential to reclaim the $2,196-$3,900 macro price range (black line).”

$ETH

Ethereum has dropped into this historical demand area (light blue)

If price can generate a strong enough reaction here, then #ETH will be able to reclaim the $2196-$3900 Macro Range (black)

If ETH does this before the March Monthly Close, then this entire sub-$2200… pic.twitter.com/Fj4JYeGcBq
— Rekt Capital (@rektcapital) March 19, 2025

Ethereum Open Interest Surges

Meanwhile, Ethereum’s open interest surged to a new record high on March 21, raising investor hopes that large traders are preparing to push the price through the $2,400 level.

Despite positive developments in crypto regulation – such as the US Securities and Exchange Commission’s (SEC) decision to drop a lawsuit against Ripple – Ethereum still hasn’t been able to gain significant momentum.

Some analysts predict that both traditional and crypto markets will continue to be under pressure due to global trade war fears, at least until early April, when countries may reach an agreement on retaliatory tariffs.

Nansen Analyst: Only ETH Whales Are Still Buying

While some crypto traders often blame large investors (known as whales) for market declines, according to Nicolai Sondergaard, research analyst at Nansen, these large investors are actually just “playing along with the market.”

In Chainreaction ‘s daily show broadcast via X by Cointelegraph on March 21, he said:

“ETH whales with holdings between 10,000 and 100,000 ETH continue to accumulate, while other investors sell.”

Based on data from Glassnode, the number of wallets holding Ether worth at least $100,000 started to increase since early March – from around 70,000 addresses on March 10 to more than 75,000 on March 22.

In comparison, on December 8, when Ethereum’s price was above $4,000, there were over 146,000 wallets that held ETH worth over $100,000.

While short-term volatility is still possible, investors remain optimistic about the market’s prospects throughout 2025. VanEck estimates that Ether’s price could peak at $6,000, while Bitcoin is predicted to hit $180,000 in the same year.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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