It seems the bad luck haunting the crypto market in October won’t end any time soon. The crypto market has seen more than $1 billion being wiped out within the last 24 hours as its total market cap fell more than 5% to $3.36 trillion.
On Oct. 4, Bitcoin (BTC) slipped below the $100,000 price point before recovering, down 6% in a day.
Ethereum (ETH) went further to dip 12% in the last 24 hours as it trades at $3,169.99 at press time.
Popular crypto analyst Ali Martinez, known as @ali_charts on X, predicted a worst-case scenario for Ether in which the cryptocurrency could fall as low as $1,700.
As per Ali’s prediction, ETH would fail to reclaim the $4,000 price mark to decline further and couldn’t sustain the momentum provided by the support level around $3,800.
There is a possibility of ETH declining to $2,400 or even $1,700 toward mid-2026, as per the price analysis on the chart. If Ali’s prediction comes true, it means ETH will slip 46.4% from its current price.
Even as ETH slips further down, Ethereum co-founder Vitalik Buterin has been talking about the “incorruptibility.” “Ethereum is scaling,” he recently wrote in response to the blockchain network allegedly hitting 3,453 transactions per second (TPS).
Launched in 2015, Ethereum has become the go-to network to build decentralized applications (dApps), including decentralized finance (DeFi) apps.
ETH, the network’s native coin, is the second-largest cryptocurrency with a market cap of $382 billion. Though it is going through a drastic decline, ETH has still gained 30% over the last one year.
This story was originally reported by TheStreet on Nov 4, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.