Ethereum ( ETH) dipped below the $4,000 mark for the first time in over a month, as bearish sentiment continued to ripple through the broader crypto market. According to Bitstamp data, ETH fell to $3,967 (Sept. 24, 10:45 p.m. EST) before rebounding slightly to close just above $4,000, marking a 24-hour loss of 4.4%.
This retreat pushed ETH’s seven-day losses to 12.5%, positioning it among the worst-performing high-cap altcoins. Since peaking above $4,750 on Sept. 13, ETH has dropped nearly 20%, and some technical analysts anticipate further declines before the asset stabilizes. Despite the downturn, bullish sentiment remains strong among Ethereum advocates who view the correction as a precursor to a renewed uptrend.
Tom Lee, executive chairman of Bitmine, remains optimistic, predicting ETH will hit a new all-time high before year-end. While some analysts forecast a 2025 peak around $7,000, Lee projects a more ambitious range of $10,000 to $12,000.
Supporting this bullish outlook, social media analysts reported aggressive whale activity during the dip. Analyst Zyn highlighted that 10 new wallets acquired approximately 201,000 ETH—worth $855 million—via exchanges and over-the-counter trades on September 25 alone. “This often happens when ETH is getting closer to a bottom,” Zyn noted.
Michaël van de Poppe, founder of MN Fund, echoed this sentiment, suggesting the worst of the downtrend may be over, stating there wasn’t “much more downside to come.”
However, the price drop had immediate consequences. ETH’s decline triggered $178.5 million in long position liquidations, with the largest single liquidation totaling $29.12 million on Hyperliquid. The downturn also put pressure on a high-risk trader known as Machi Big Brother, who reportedly deposited $4.72 million in USDC on Hyperliquid to avoid liquidation, according to Lookonchain.
ETH’s volatility continues to test investor resilience, but for many bulls, the current dip is just another step on the path to long-term growth.
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