Ethereum is having a bit of a wobble; there’s no denying that. The Ethereum price today,, at the time of writing is $1,912.20. According to Finance Magnates, on the 9th of April, Ethereum had dropped 30% over the 30 days before the 9th of April. And since December 2024, the value has managed to decrease by over 60%.
Ethereum has started to recover, somewhat. When that article came out by Finance Magnates, Ethereum was at a 2-year low, dipping below $1,500. That led to people speculating it was on a course to reach $1,000 this year.
But all is not lost, and Ethereum has recovered slightly. Why? Because it powers more than you think, not only cryptocurrency. And that leads us to the point of this article: What does Ethereum power other than cryptocurrency?
Read on to find out.
Ethereum in 2025
We started to introduce the subject in the introduction, and as you can see by the numbers, Ethereum has been on the decline. Some experts were even speculating that the second-largest cryptocurrency would have an all-out crash.
Fear not, Ethereum soldiers, it’s rising again. Over the last month, Ethereum has increased by 27.40%. But when you look at the previous six months, the numbers show a decrease of 39.65%. Luckily for Ethereum, the community sentiment looks to be positive again, with 80% voting for a bull run compared to 20% thinking we’re still heading for a bearish market.
What will happen for the rest of 2025? The analysts have turned surprisingly positive again. One of the most realistic predictions is that Ethereum will climb roughly 11.30% and reach $2,032.48 by May 09, 2025 (tomorrow). For the long term, two catalysts might help boost Ethereum. One is the ecosystem growing (something we’ll talk about in the next sections) and a new ATH in Bitcoin. Predictions state these two combined could see Ethereum reach $5k or more in 2025.
The Ethereum Network
One more section before we tell you about what Ethereum powers outside of the cryptocurrency network, because it’s worth having a sound understanding of the Ethereum network first.
The Ethereum network is one of the OGs. It was the creator of smart contracts and was such a big player in play-to-earn gaming and Ethereum applications, and was a great investment opportunity for so many people. But one of its main functions is creating and activating smart contracts and decentralized applications.
The network did originally run on the Proof of Work consensus that generated incredibly high transaction and gas fees that put some people off investing in or using the Ethereum network. As new networks entered the market that were faster and more affordable, Ethereum had to change. The upgrade to Ethereum 2.0 moved the network to proof of stake, far faster and more affordable.
Any transactions or computations on the work are validated using nodes (the network’s approved participants) and become secure through the unique consensus mechanisms. Most networks approve transactions using this method.
What Ethereum Powers Outside of Cryptocurrency
Now, Ethereum does a lot for cryptocurrencies, a lot of the cryptocurrencies you know. Some of the biggest include:
- Tether (USDT)
- Chainlink (LINK)
- UNUS SED
- Shiba Inu (SHIB)
But there’s so much more that it does outside of cryptocurrency, which makes us believe investors shouldn’t have been so worried when the numbers took a plunge.
A lot of people just think about the coins that run on the Ethereum network and what it does for them, but there’s more to it than that. Ethereum is a massive player in decentralized finance (DeFi), including two of the biggest names, Uniswap and SushiSwap. Ethereum powering these apps arguably changed how we exchange cryptocurrencies.
And without Ethereum, we wouldn’t have had the great days of non-fungible tokens (NFTs) in 2021. Some people think they’ll make a comeback, but that’s yet to be seen.
Why Was Ethereum Struggling?
Ethereum doesn’t just get knocked down by crypto-specific problems. Global events hit hard too. Just look at what happened when Trump announced those new tariffs. Suddenly, the entire market started shaking, and Ethereum got the worst of it. A 64% drop since December? That’s not just a correction. That’s a bloodbath.
And here’s the thing. ETH wasn’t alone. Everything risk-related took a dive. Gold soared, dollars strengthened, but Ethereum? It fell through the floor. The tariffs triggered a fear response, and investors ran for cover. That cover wasn’t ETH. With $400 million in Ethereum liquidations in one day, confidence took a hit. Hard.
It doesn’t help that Ethereum’s on-chain activity is slowing. DeFi is quiet. Gas fees are dropping because, well, not many people are using the network right now. That’s never a good sign. There’s also the looming Pectra upgrade. Delays, uncertainty, frustration. It’s building.
And let’s not forget the ETH/BTC ratio. It’s in the gutter. That’s a sign Ethereum isn’t keeping up with the OG, Bitcoin. It used to be a two-horse race. Now? One is sprinting, and the other’s limping.
Still, Ethereum isn’t down for the count. It just needs momentum. Fast.
Ethereum isn’t just a currency. It’s a force. A network. A foundation. It powered NFTs, launched DeFi into the spotlight, and still holds up half the crypto market on its back. But even giants stumble. ETH has seen tougher times and still managed to break new highs. So don’t write it off just yet. Ethereum might be down, but it’s not out. And if history’s a guide, the next wave could hit harder than anyone expects.