Ethereum is approaching the $2,400 mark as the fallout from Donald Trump and Elon Musk shakes the crypto market as more major tokens are being dragged.
Ethereum prices have fallen nearly 6% in the last 24 hours of trading, according to data from crypto.news. The second-largest token by market capitalization has been red in the past few hours, falling from its peak at $2,634 to a low of $2,408.
At the time of pressing, ETH (ETH) was trading hands at a price of $2,456, barely recovering from the sudden price drop around 2am at UTC. Recent Ethereum price DIP has seen a sharp increase in token trading activity, with daily trading volumes increasing by nearly 64% compared to the day before.
Over the past week, ETH has declined by more than 6%, further down over the past two weeks. Tokens have fallen by 7.4% over the last 24 days.
Last month, the token ignite optimism among traders hoping ETH will jump towards the $3K mark, repeating the Bitcoin (BTC) leap to a new all-time high. Throughout May, Token experienced a rally on May 29th that destroyed ETH of up to $2,731.
Apparently ETH is not the only one suffering from decline. According to Coingecko data, the total market capitalization of cryptos fell nearly 4% from $4.1 trillion on June 5 to $3.29 trillion on June 6. Like ETH, Bitcoin is currently trading hands at $103,438, down 1.2%.
Traders believe the fall began when former Dodgehead and X owner Elon Musk resigned from his role and criticised the president’s recent spending bill and was the Big Beautiful Bill. In a move seen as retaliation, Donald Trump has revoked Musk’s close associate, Jared Isakuman, a NASA nomination.
According to data from Defi Llama, Ethereum’s locked total value also suffered from a price drop, falling nearly 4% to $59.9 billion. Solana’s position is just $8 billion, beyond Solana (Sol), from the perspective of TVL, but the ETH ecosystem has been hit hard by the current charge of Crypto Market.
Meanwhile, Ethereum’s on-chain fees have risen twice as much as early June. On June 6th, ETH prices reached $2.26 million, up more than 100% compared to $853,320 on June 1st.
More recently, Ethereum co-founder Vitalik Buterin said that while Ethereum is based in aspects such as resistance to censorship and security, Bitcoin has admitted that it is still ahead of the rest of the field.
He believes Bitcoin has an advantage over Ethereum in terms of simplicity of coding, reduced protocol changes, node counting, and low reliance on remote procedure call services.
