Ethereum (ETH) price is more than 52% down from its December 2024 high at $4,107 and data from TradingView shows ETH (ETH) down 42%

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Ethereum price (ETH) is more than 52% down from its December 2024 high at $4,107 and data from TradingView shows ETH (ETH) down 42% since the start of 2025.

Despite being one of the largest cryptocurrencies by market capitalization and holding the dominant spot as the leader in Web3 and DeFi, many analysts believe that ETH’s price prospects remain grim in the short term.

Crypto analyst and chartered market technician Askel Kibar warned traders against assuming that ETH price trades at a discount simply based on how far off it is from its average trading price.

On X, Kibar explained that “bottom reversals take time” given that “ all that supply needs to be accumulated.”

ETH/USD daily chart. Source: X / Aksel Kibar

Referring to the chart above, Kibar said,

“We’re still in a bear market. Don’t buy the rumour, sell the news. Everyone's expecting a 12% rally. In the current market, it's more likely to see a 3% rally.

Expecting to see some sellers at 1.9k. Could be a good level to enter a small. But personally, I prefer to wait for a bottom reversal candle.”

Standard Chartered added to the dim outlook via a March 17 client letter, which revised down their end of 2025 ETH price estimate from $10,000 to $4,000, a drastic 60% reduction.

Geoff Kendrick, the bank’s global head of Digital Assets Research, said, “We expect ETH to continue its structural decline.” Adding that:

“Lower ETH fees, a higher net issuance, and layer 2 blockchains ‘taking Ethereum’s GDP' are some unexpected results of the Dencun upgrade.”

Adding to their observation of Base absorbing Ethereum’s fee revenue, Kendrick said,

“We estimate that at the peak of the DeFi summer in 2023, ETH’s fee revenue was around $1.5bn per year. But in February 2025, Arbitrum, Optimism, and Base are together generating about $4bn per year in TVL-weighted average fees.”

Related: Long-term Ethereum accumulation could unwind if ETH price falls below $1.9K — Analyst

VanEck Head of Digital Assets Research Matthew Sigel and Patrick Bush, the firm's Senior Analyst on Digital Assets, concur with the dim ETH price view held by many analysts. In a March 5 note to investors, the researchers cited ETH’s decline as being “largely due to the erosion of the core factors that once made Ethereum valuable.”

The analysts again cited layer 2 blockchains Arbitrum and Base as catalysts in diminishing ETH’s fee revenue, along with the popularity of memecoin trading on the Solana blockchain.

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