On March 31, Matrixport's daily chart analysis stated that ETH has dropped 50% since reaching a high of $3,668 on January 7, 2025. The on-chain activity in the entire Ethereum ecosystem has significantly slowed down, and with weakening fundamentals and persistently low ETH demand, market sentiment is clearly bearish.

As multiple key risk events approach, the derivatives market has begun pricing in a potential 10% significant volatility (in either direction) within the next week. Notably, the Ethereum price is gradually approaching the lows seen during the FTX collapse. Additionally, FTX is expected to begin repaying major creditors on May 30, 2025.