The cryptocurrency was worth $606 (£434.63) at 9am yesterday before it saw a 16 per cent decline.
It was not the only digital money to see a sudden drop over the time period, with Bitcoin also seeing a price drop.
The original cryptocurrency dropped dramatically by a nine per cent from $8,296 (£5,880) at approximately noon yesterday to $7,561 (£5,623).
Meanwhile, Bitcoin Cash, Ripple and Litecoin have also all experienced recent declines.
However, since Ethereum’s plunge it has seen a small recovery in price.
At the time of writing it is worth $521 (£373.67).
The drop comes just days after the online currency fell to an all year low today, sliding into the red off the back of Google’s unexpected announcement it would ban all cryptocurrency advertising.
Analysts in the crypto space noted the leading cryptos took a hit this week after Google revealed stricter advertising policies which will impact cryptocurrencies and initial coin offerings (ICOs).
The advertising giant announced: “This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).
“We also updated our gambling ads policies to address new methods of gambling with items that have real-world value (eg, skins gambling).”
Google’s crackdown on malicious malicious advertising and phishing scams hiding behind clickbait ads comes after the company removed more than 7,000 AdWords accounts last year.
In 2017 Google said it had removed more than 3.2 billion ads in violation of its policies at a rate of more than 100 ads a second.
But some analysts welcomed the Google crackdown, arguing it would clear the crypto space of malicious scams and actors.
Chris Keshian, managing partner and CEO of $APEX Token Fund, said: We see Google’s actions as progressive – as long as they continue to keep an open mind and don’t tar all cryptocurrencies with the same brush.
“Crackdowns on cryptocurrencies are the best way to weed out irresponsible and fraudulent ICOs and place greater focus on cases against unregistered persons acting as agents, brokers, and investment professionals in the cryptocurrency space.”
It is unclear what has caused the tumble over the past 24 hours.
Cryptocurrencies are incredibly volatile and have the tendency to spike and free fall.