As Ethereum fails to break through the $2,750 resistance line, several anxiety signals are being detected in the market. Compared to December last year, exchange spot trading volume has plummeted by 80%, indicating a significant contraction in market demand.
According to the Glassnode report, Ethereum's volatility has dropped from 120% in the previous cycle to around 80% currently. Notably, the 3-month realized volatility rose to over 90% while falling from the 4,000-dollar peak in mid-2024 to the $1,500 range.
Ethereum is also showing a unique downward pattern. Unlike Bitcoin and Solana, which recorded new all-time highs, Ethereum has failed to achieve a new record high. Particularly, it recorded a sharp decline of 65.4% since the beginning of 2025.
In terms of realized market capitalization, the underperformance is also prominent. After the January 2023 cycle low, it only increased by 38% from $176 billion to $243 billion. Compared to the over 1,000% growth recorded in the 2021 cycle, this is a very low level.
BlackRock and Fidelity Ethereum ETF investors are also recording an average unrealized loss of 21%. ETF fund outflows tend to accelerate whenever the Ethereum spot price falls below the average purchase price.
Trading volume is also clearly declining. The daily average spot trading volume, which was $14.7 billion at the $4,000 peak in December 2024, has plummeted to $2.9 billion. Although it has recovered to around $8.6 billion recently, it is still failing to renew the peak seen in the previous cycle.
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