Known as the king of altcoins, Ethereum will lead altcoins forever. However, the case has not been the same in the past few weeks since Ethereum became a victim of a bear attack. At the time of his crash last May, he was struggling to get out of the ground he had crashed into.
Ethereum can’t find support
At the time of reporting, ETH was trading at $1,982, dropping below the $2,000 psychological level that played a major role in the July 2021 rally. However, the actual threshold support level is set at $2,321, which is a bounce that will allow Ethereum. Rally towards $3k.
However, ETH is far from all this as the panic that spread across the market last month saw investors pull away from another repeating historical course.
As ETH started showing signs of decline at the end of April, Ethereum holders began selling their holdings, bringing the total to over 1 million ETH in one month. With a reported value of $1.9 billion, it was the biggest sale observed in 2022 for Ethereum.
While not exaggerating, many long-term holders have kept their ETH in their wallets for more than a year and then sold them. So it destroys nearly 1.3 billion days in the process.
However, the bearish changed the winds as Ethereum caught the attention of institutional investors for the first time in months. This group has had beef unknown about its assets since the beginning of this year, as most of the funds flowed out of altcoins instead of going to them.
Only $300 worth of ETH was withdrawn this week. This is a significant increase from the $10 million $100 million figure seen in the past, which has kept Ethereum’s annual net flow at minus $239 million to date.
The bearish saw Bitcoin outflow of $153.5 million, but still posted a YTD net flow of $307 million.