Ethereum is regarded as the biggest altcoins, but in the last few weeks, it has not been faring well at the hands of institutional investors.
The week ending in April 2022 was the best week of this month. Although investment products also continued to see outflows this week, they fell to just $7 million, a huge improvement from the previous week’s outflows of $97 million.
As per CoinShares, the total number of investment product launched have come down from 24 in Q4 2021 to just 11 in Q1 2022.
Regardless, Ethereum also remained in the sights of institutional investors this week and ended up seeing nearly $17 million in outflows.
The inflows noted on all the other assets managed to negate Ethereum’s bearishness somewhat, resulting in total outflows sitting at just $7.2 million.
While market volatility is sparing no asset, ETH in particular is seeing a negative response from investors due to its inability to mark a sustainable upside.
After the March to April rally sent the price up to $3600, it bounced back from the 50% Fibonacci level resistance.
Further, it tested the $3,200 level, coinciding with the 38.2% Fib level, and eventually fell to the critical 23.6% level at $2,815 on April 26 after a price decline 6.5%. Luckily he only tested it as support and didn’t fail.
However, the price fall did invalidate the recovery that Ethereum’s supply made with the earlier rally, and the supply in profit fell by 21% within a month. Now, this might be keeping investors wary of investing.
Either way, Ethereum is bound to rise because despite their fears, retail investors are still supporting the coin, which is why over a longer timeframe, hoarding or HODLing sentiment continues to dominate the market. .
There was a slight bump in mid-April when ETH holders sought to liquidate their holding, but with time this conviction will make a push for a quicker recovery.
