Ethereum, known as the altcoin king, is supposed to lead the altcoins for good. However, the case has not been the same for the last few weeks since Ethereum became a victim of the bear attack. It has been struggling to get off the ground it fell during the May crash.
Ethereum cannot find support
At press time, ETH was trading at $1,982, it fell below $2,000, a psychological level that played a crucial role in the July 2021 rally. However, the support level real critical is set at $2,321, a bounce from which Ethereum to rally towards $3,000.
But ETH is standing far away from all of this since the panic that spread throughout the market in the last month witnessed investors pulling away from being subjected to another course of history repeating itself.
As ETH began to show signs of decline towards the end of April, Ethereum holders began selling their holdings, and within a month, the total ETH sold topped one million. Valued at $1.9 billion at press time, it was the biggest selloff seen in 2022 for Ethereum.
Albeit, not too excessive, a bunch of long-term holders also sold their ETH after keeping it unmoved in their wallets for more than a year. Thus, destroying almost 1.3 billion days in the process.
However, this downtrend has definitely changed the winds as, for the first time in months, Ethereum has garnered interest from institutional investors. This cohort has had an unknown beef against the asset since the start of this year, as funds have mostly flowed out of the altcoin instead of flowing into it.
This week, only $300k worth of the ETH was withdrawn. This is a big step up from the $10 million $100 million figures witnessed in the past, which caused the year-to-date net flows of Ethereum to stand at a negative $239 million.
