Ethereum has suffered a sharp decline, plunging nearly 20% in the last 24 hours and currently trading around $2,500.

Ethereum (ETH) price has dropped below the critical $3,000 support level, down to around $2500, marking one of its most severe sell-offs in recent years. This downturn follows Trump’s decision to introduce 25% tariffs on Canada, Mexico, and China, sparking the broader financial markets uncertainty.

Given crypto’s correlation with the traditional financial markets, ETH and other digital assets have followed suit.

Coinglass data suggests that panic selling among whales has contributed to the crash. Large Ethereum holders have offloaded significant amounts, triggering a cascading wave of liquidations.

Crypto trader MaxBecauseBTC told his 66K followers on X that this was the biggest Ethereum liquidation event in over two years “with the most negative funding,” comparing it with the March 2020 COVID crash. He added that “those that stick around will be rewarded.”

MaxBecauseBTC isn’t alone in his optimism. Felix Hartmann, founder of Hartmann Capital, said in a post on X that the recent downturn was the result of “forced selling” and that “the prices may be dislocated.”

In a similar vein, Mechanism Capital partner Andrew Kang suggested ETH may be oversold and could recover to $2,700.