- Ethereum Price Today: $2,040

Ethereum's value has dropped about 40% over the past ten days as major investors capitulate.
Thomas Lee of BitMine says ETH could see a V-shaped recovery, adding that the leading altcoin has experienced similar declines seven times over the past eight years.
Ethereum's price could rise to test the $2,380 level if it surpasses $2,100.
Ethereum (ETH) experienced one of its steepest declines in history over the past ten days, losing 40% of its value and briefly falling below $2,000.

The decline also pushed Ethereum below its realized price, or the average cost basis of investors—a event that has historically accelerated selling pressure as investors cut their losses.

It is worth noting that one of the top blockchain investors, Trend Research, which collected 792,532 ETH worth $2.59 billion through leveraged borrowing on Binance, has redeposited 772,865 ETH on the platform as prices approach liquidation levels, incurring a loss of $747 million. Trend Research's remaining balance is 21,301 ETH, according to data compiled by the smart money tracking firm Look On Chain.

Retail traders or wallets in the 100-1K and 1K-10K ranges are also heavily distributing, having unloaded 820,000 ETH over the past week.

Ethereum holdings by holder value. Source: Crypto Quant
Ethereum Could See a V-Shaped Recovery
Meanwhile, BitMine Immersion (BMNR), a company specializing in managing Ethereum vaults, is experiencing significant unrealized losses exceeding $7 billion on its holdings of 4.28 million ETH following this decline. BitMine CEO Thomas Lee noted on X on Friday that ETH has experienced similar declines seven times over the past eight years, with drops of 60% or more.

However, Lee pointed out that ETH often experiences a quick V-shaped rebound after sharp downturns. He added, "The best investment opportunities in cryptocurrencies and stocks come after a downturn. Now is the time to look for opportunities."

Lee's statement comes as Vitalik Buterin, co-founder of Ethereum, responded to an X post, saying that "ETH is a store of value (SoV) and one of the most important applications on Ethereum."