Ethereum fell below $1,700 on Friday, a level it hasn't touched since April 2025. The drop pushed the second-largest cryptocurrency into territory that wipes out more than a year's worth of price gains.
Below a key level
The $1,700 mark has acted as a floor for Ethereum since last spring. Breaking it is more than just a number — it signals that bullish momentum has faded. The last time ETH traded this low, the market was still recovering from a broad downturn. Now, with prices back there, traders are asking whether this is a buying opportunity or the start of a deeper slide.
A year of gains erased
From April 2025 until mid-year, Ethereum had climbed steadily above $1,700, peaking well above $2,000 at points. That entire run is now gone. For holders who bought in over the past 14 months, portfolios are back at breakeven or in the red. The psychological toll is real — investors who felt comfortable are suddenly second-guessing.
Traders on edge
Volume picked up as the price slipped through the level, suggesting active selling rather than a quiet drift. Order books show bids clustering around $1,650, but no strong support has formed yet. The next few sessions will test whether buyers step in or if the selling accelerates.
No catalyst has been pinned to the move — it's more a slow bleed than a sudden crash. That makes it harder to call a bottom. Without a clear trigger, traders are left watching charts and waiting for a signal that doesn't come with a headline.
The $1,600 to $1,650 range is the next area of interest. If Ethereum holds there, the drop below $1,700 could be a false break. If it doesn't, the path below $1,500 opens up. Either way, Friday's price action has reset the conversation around Ethereum — and not in a comfortable way.
