Ethereum Trades More Than 50% Below Its All-Time High

Ethereum (ETH) is trading more than 50% below its all-time high, highlighting the scale of the downturn facing the second-largest cryptocurrency. On November 2, ETH traded near $2,292, down approximately 53.7% from its record high of $4,946.05 reached on August 24, 2025.

The decline leaves ETH well below its previous peak, despite Ethereum continuing to attract staking activity and supporting a large decentralized finance ecosystem. The gap between network participation and token performance remains an important part of Ethereum’s current market picture.

ETH Remains Far Below Its 2025 Record

According to CoinGecko, Ethereum’s all-time high stands at $4,946.05. At the current price, ETH would need to gain roughly 116% to revisit that level.

The drawdown also comes after a period of weaker market performance. ETH was down around 1.6% over the previous seven days in CoinGecko’s November 2 snapshot, although it recorded a modest daily gain.

A decline from an all-time high does not, by itself, establish whether an asset is undervalued or likely to recover. It does, however, show how much ground the market still needs to recover before ETH returns to its previous record.

Network Activity and Market Demand Tell Different Stories

Ethereum’s network fundamentals present a more mixed picture than its price chart. Bitwise data reported by Altcoin Buzz showed that staking reached a record 43.8 million ETH in Q3 2026, representing 35.9% of the circulating supply. However, gross staking yield declined to 2.63% from 2.81% in the previous quarter.

This suggests that participation in securing the network remains strong, even as rewards have fallen. But increased staking does not automatically translate into stronger demand for ETH in the open market.

Investor flows have also been uneven. Altcoin Buzz previously reported that US spot Ethereum ETFs recorded significant withdrawals in October, including a $201.9 million single-day outflow on October 6. A separate analysis tracked whale transfers and exchange-reserve signals alongside ETF activity, while noting that the ETF outflow streak eventually ended with a $24.8 million inflow on October 13.

For ETH to recover its previous high, market demand will need to strengthen alongside the network's continued development and use. Until then, Ethereum remains significantly below its record, with its price performance telling a more cautious story than its staking figures alone.