Ethereum continues to hold the second position in cryptocurrency market capitalization, despite recent price fluctuations and changes in trading volumes. Let's examine the key aspects of the current state of the Ethereum network in 2025.
Price Fluctuations of Ethereum
Ethereum is currently trading in the range of $2,175–$2,200, following a multi-week correction. Earlier this year, ETH peaked around $3,700, before dropping below $2,200, risking a further decline below $2,000.
Market Capitalization and Trading Volume
According to CryptoQuant, Ethereum's trading volume fluctuated between 300 trillion and 490 trillion units, while altcoin volume fell from a peak of 1.5672 quadrillion to 387.47 trillion. This indicates that liquidity from smaller tokens is shifting to Ethereum, boosting its market share.
Indicator Analysis
Indicators suggest that Ethereum may need to correct to align with real demand levels. The NVT ratio has climbed to 1,041, indicating overvaluation relative to current activity levels. Additionally, the MVRV long-short difference remains negative for four months, confirming that long-term holders are experiencing unrealized losses.
The state of Ethereum emphasizes conflicting trends in the market. Despite negative indicators and significant price drops, Ethereum maintains its market capitalization and liquidity, indicating that shifts in demand and supply could change the current situation.
