Ethereum’s price fell 9.3% between March 26 and March 28, 2025, reaching a critical level of $1,860. This drop triggered over $114 million in liquidations in leveraged ETH futures.

The current annualized futures premium of just 2% signifies low demand for leveraged buying. Additionally, the 25% delta skew metric indicates investors, particularly whales, are concerned about potential further price declines.

Ethereum faces increasing competition from other blockchains affecting its market position. However, the anticipated upcoming protocol upgrade, Pectra, may positively influence future price expectations.