The second-largest cryptocurrency, Ethereum, has been stuck at $2,100 for the past few days. The price is down about 47% from its December peak and 45% from the same period last year.
The data shows that Wall Street investors continue to sell their assets. According to SosoValue, all Ethereum ETFs lost $120 million in assets last week, compared to a loss of $335 million the week before, for a total loss of $455 million.
Net inflows into these Ethereum ETFs are $2.7 billion, which is much lower than Bitcoin (BTC)’s $37 billion.
One possible reason for the weak inflow trend is that Ethereum has declined since 2024 and has lagged behind other cryptocurrencies.
Additionally, Ethereum ETFs do not allow staking, where investors make a profit by delegating their tokens to secure the network. Staking rewards data shows that Ethereum has a return of around 3.25%. Ethereum coins worth over $73 billion have been staked.
The Ethereum network also faces significant competition from popular layer 1 blockchains like Solana and BNB and layer 2 blockchains like Base and Arbitrum.
The daily chart shows that ETH price has declined significantly over the past few months. It has fallen from a peak of $4,105 in November last year to $2,160.
The current price of Ethereum is significant as it is slightly above the crucial support level of $2,000. It is also at a crucial level, below which it could not fall in August and September last year.
Most importantly, this price is at the neck level of the triple top pattern. Thus, a loss of this support would signal further decline, with the next point being the psychological level of $1,500.
.png)
.png)
.png)
.png)
0 Comments