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Ethereum price is under pressure, and it is struggling to break past $2,000 while facing fresh concerns. Co-founder Vitalik Buterin’s recent token sale wiped out nearly half the value of Dohrnii (DHN), stirring market volatility.
At the same time, Standard Chartered cut its 2025 ETH forecast, warning that Layer-2 networks are chipping away at its value.
Ethereum founder’s sell-off wipes out token value
Ethereum (ETH) co-founder Vitalik Buterin sparked a sharp price drop in a lesser-known token after dumping his holdings.
On March 18, Buterin offloaded 5,000 Dohrnii (DHN) tokens for $124,000, triggering a 46% price drop from $38.50 to $20.69, according to blockchain analytics platform Spot On Chain.
Dohrnii, a crypto education platform running on Ethereum, had sent Buterin 10,000 DHN for free on Jan. 29. The move was likely an attempt to capitalize on Buterin’s influence, a tactic common among Ethereum-based projects. Buterin still holds another 5,000 DHN, now worth about $190,000.
Dohrnii Labs offered to facilitate an over-the-counter sale of the remaining tokens to limit further market disruption. However, the move underscores a recurring trend—Ethereum projects sending tokens to Buterin despite his repeated warnings.
He has urged developers to donate to charity instead, citing past instances where he has liquidated airdropped tokens for philanthropic causes.
Ethereum price struggles amid revised forecasts
While Buterin’s sell-off rattled DHN holders, Ethereum itself faces mounting pressure. ETH remained below $2,000 during the Asian session on March 18, struggling to reclaim key price levels.
Standard Chartered delivered another blow, slashing its 2025 ETH price forecast from $10,000 to $4,000. Geoffrey Kendrick, the bank’s global head of digital assets research, cited Ethereum’s weakening fundamentals, particularly the impact of Layer-2 solutions diverting network fees from its Layer-1 chain.
“Layer 2 blockchains were meant to improve ETH scalability, but we estimate that Base [Coinbase’s L2] has removed $50 billion from ETH’s market cap,” Kendrick noted.
Base and other L2 networks like Arbitrum have been siphoning transaction fees that previously went to Ethereum validators. Instead, these fees now benefit external platforms such as Coinbase, reducing Ethereum’s overall economic activity.
Ethereum’s market structure shows weakness
Ethereum price has yet to recover from a deep drawdown. TradingView data shows ETH is down 52% from its Dec. 2024 high of $4,107 and 42% since the start of 2025.
Analysts remain cautious, pointing to bearish technical signals and structural weaknesses in the network’s fee economy.
Chartered market technician Aksel Kibar warned traders against assuming Ethereum’s price is at a discount simply because of its decline.
“Bottom reversals take time,” Kibar noted on X, emphasizing the need for supply absorption before any recovery.
VanEck analysts also weighed in, stating that Ethereum is losing its core value proposition. They highlighted L2 expansion and the growing influence of rival networks like Solana, which has captured a large share of memecoin trading, further weakening Ethereum’s fee revenue.
Will Ethereum Price find support?
Ethereum’s price remains under pressure after failing to hold above $2,000. Analysts warn that if bearish momentum continues, ETH could revisit lower supports of nearly $1,800.
Standard Chartered expects Ethereum’s market cap decline to persist until at least 2027 unless the network adapts to fee migration trends.
Kendrick suggested one possible solution—imposing fees on L2 networks to retain value within Ethereum’s ecosystem. However, he expressed scepticism about Ethereum developers taking such a step.
