Ethereum clôture 2025 avec neuf mois rouges : sa pire performance depuis 2018
Le géant de la blockchain trébuche en fin de course. Neuf mois consécutifs dans le rouge pour Ethereum marquent l'année 2025 d'un sceau d'incertitude, une séquence de pertes que le réseau n'avait plus connue depuis sept ans.
Un contexte de marché en dents de scie
La volatilité n'a épargné aucun actif majeur. Alors que les régulateurs mondiaux, comme la FSA au Japon, durcissent leur ton, les investisseurs institutionnels semblent marquer une pause, scrutant chaque indicateur on-chain avec une méfiance accrue. Les flux nets vers les ETF spot restent timides, loin du déluge anticipé par certains analystes.
La technique sous pression
Malgré les mises à niveau continues du réseau, la pression sur les frais de gaz et la concurrence féroce des chaînes Layer 2 et autres écosystèmes rivaux ont pesé sur le sentiment. Une performance qui rappelle, pour les plus cyniques, que dans la finance, les « fondamentaux à long terme » sont souvent le refuge des portefeuilles en berne.
Et maintenant ?
Cette séquence rouge interroge la résilience immédiate du leader des smart contracts. Le marché teste la conviction des holders face à une macroéconomique toujours capricieuse. Un rappel brutal que même les piliers de la crypto ne sont pas à l'abri d'un hiver prolongé.
ETH lagged in dollar terms despite a climb against BTC
In 2025, ETH lost the faith of retail investors and instead became a playground for whales and institutions. ETH whales attempted to achieve a more favorable average price by buying the dip, but the token did not have enough momentum to break out. ETH failed to fulfill the prediction of Bitmine’s Tom Lee for a hike to $7,500 or even $10,000 at the end of the year.
The token ended the year with 11.9% in market cap dominance. Over the course of 2025, ETH managed to recover from lows of 0.019 btc to end the year at 0.034 BTC. Despite this, the token did not fulfill the expectations of expanding to $10,000.
The weak ETH performance also coincided with the failure to launch a more lasting altcoin season. The weakness of L2 performance also affected Ethereum, as liquidity left even top networks like Arbitrum.
Treasury companies only had a brief effect on the price of ETH. Unlike BTC treasuries, building up ETH reserves was viewed as a means to earn passive income through staking. Even DAT companies did not show conviction in the climb of ETH, but instead on the token’s DeFi and staking ecosystem.
ETH recovered the $3,000 range
Despite the downturn, ETH managed to recover the $3,000 range. The token mostly traded above the acquisition price of whales at $2,800, bouncing from this support level. The asset ended 2025 with a net loss of 11% after turbulent shifts each quarter.
ETH ended 2025 with a net loss of close to 11%, despite the mid-year relief rally. Even with DeFi recovery, ETH had its worst year since 2018. | Source: Coingecko
The token had its worst quarterly performance at the start of 2025, losing over 45%. Later, ETH managed to bounce off the mid-year slump and spend several weeks above $4,000. ETH moved to $3,079.92 as of January 2, following a market-wide recovery.
The token ended 2025 with a neutral market sentiment, following weeks of relatively subdued derivative trading. Following the October 11 liquidation, ETH open interest declined to a low of $16.2B, recovering to $18B by the end of 2025.
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