Ethereum's $ETH price has experienced a significant decline recently. As of now, ETH is trading at approximately $1,484.65, reflecting a 3.99% decrease from the previous close.

Several factors contribute to this downturn:

Increased Competition from Layer-2 Solutions: Ethereum faces growing competition from Layer-2 networks like Coinbase's Base, which offer lower transaction fees and are diverting activity away from Ethereum's mainnet. This shift is impacting Ethereum's transaction volume and revenue.

Standard Chartered's Revised Price Forecast: Standard Chartered has reduced its 2025 Ethereum price target by 60%, citing concerns over increased competition and declining revenue. The bank now anticipates Ethereum reaching only $4,000 by the end of the year.

Macroeconomic Factors: Global economic tensions, such as trade policies and potential recessions, are affecting investor sentiment across markets, including cryptocurrencies. These macroeconomic challenges contribute to the bearish outlook for Ethereum.

These elements, combined with broader market dynamics, are influencing Ethereum's current market performance.