ETH Price in EUR Under Pressure

Yesterday was another tough day for Ethereum, particularly for the ETH to EUR exchange rate.

It wasn’t the worst session of 2025, but it wasn’t far from being so. 

Moreover, today, at least for now, there hasn’t been any recovery yet. 

The Decline of Ethereum (ETH) Price in EUR

The all-time high for the price of ETH in EUR in 2025 was recorded on August 24th above €4,200.

Unlike the price in USD, this was not an all-time high. In fact, in November 2021, it surpassed even €4,220 twice, whereas this time it remained well below €4,210.

As recently as October 7th of this year, it was above €4,000, while starting from the 10th, a phase of decline began that might even still be ongoing. 

It is possible that this decline was particularly influenced by the US government shutdown, as happened with Bitcoin, due to the more than 150 billion dollars that have accumulated in government accounts since October 1st, of which only a third have been distributed after the end of the shutdown itself. 

To be honest, until November 2nd, the price of ETH in EUR had held at least 3,000€, but starting the following day, a second phase of decline began in two stages, which seemed to have concluded on November 21st when, for a brief moment, it even dropped below 2,300€.

The Last Days

Between Saturday, November 22, and last Friday, the price of ETH in EUR managed to climb back above €2,600, leading to expectations of a further rise starting yesterday. 

As happened with Bitcoin, yesterday the mini-bubble in silver drained capital from other markets, thus lacking the liquidity necessary for a further rise in Ethereum as well. 

Yesterday, the price of silver in euros reached a new all-time high, surpassing 50€ for the first time in history. Consider that the previous record was set in October above 46€, while the one before that did not exceed 33€.

Today, the mini-speculative bubble that had inflated the price of silver since last Friday seems to have burst, but this was not enough to bring liquidity back to the crypto markets. 

The Minor Liquidity Crisis

The fact is that with the onset of the shutdown, the US government effectively drained more than $150 billion from the markets in about six weeks, even though it obviously did so unintentionally and forcibly. 

This drain caused a minor liquidity crisis in the American markets, but since these are the global benchmark for financial markets, the issue subsequently extended to other markets as well. 

And so after the peak at the beginning of October, during which the price of ETH in EUR was still above €4,000, this small liquidity crisis no longer allowed Ethereum to recover. 

Currently, this crisis has only receded by one-third, as there are still at least 100 billion dollars to be distributed to return to pre-shutdown levels.

At a pace of approximately 50 billion every two weeks, it would take four weeks before the crisis is completely resolved. However, it is also possible that there might be an acceleration, given the current circumstances. 

Ethereum vs. Bitcoin

It should be noted that Ethereum is not only struggling against EUR or USD, but also against BTC.

The all-time high of 2025 was reached again in August, when one Ether was valued at 0.043 BTC. 

Since then, a nearly continuous decline has begun, with rare and minor exceptions. 

At the beginning of September, it had already fallen below 0.040 BTC, and although it attempted a rebound in the middle of the month, by the end of the month it had also dropped to 0.035.

In October, there was another decline that appears to have ended in early November at 0.031 BTC. 

The problem, however, is that the small rebound in the following days not only failed to push it back above 0.035, but was followed by another declining phase, still ongoing, which brought it back to 0.032 BTC. 

For now, there are no signs of a possible reversal, although to be honest, for about ten days it has consistently fluctuated between 0.032 BTC and 0.034.