Ethereum is under pressure because the FNB based in the United States linked to it have seen outings for seven consecutive weeks. This week, nine ETHEREUM has lost a total of $ 82.47 million. This constant withdrawal of funds wreaked havoc on the price of ETH, which dropped by 10% last week. With the slippery momentum, many are wondering now, a bigger accident to come next week?
The release of the FNB ETF continues
On April 11, the ETHEREUM SPOT ETF saw a total exit of $ 29.2 millionThis makes it the fourth consecutive day with a negative movement. The Grayscale (ETHE) fund, which recorded the highest withdrawal, recorded the highest withdrawal to $ 26.1 million, followed by Bitwise (ETHW), which saw $ 3.1 million withdrawn.
This continuous decrease in significant investors support causes more sale, which drops the price of Ethereum.
But it is not only the money that flows that is concerned. Ethereum network activity also slows down, as fewer users interact with applications built on Ethereum blockchain.
In fact, unique active portfolios on Ethereum fell by more than 33% in the last month. In comparison, Solana saw only a decrease of 16%, while Tron experienced a 16% increase in the activity.
Major Bank losing confidence in ETH
To worsen things, Standard Charterd Bank has reduced its end -of -year price goal for ETH by 60%. The bank now expects Ethereum to end the year around $ 4,000, invoking concerns about its scalability and competition.
They believe that Ethereum has become too dependent on layer 2 networks and can lose its advantage.
Will ETH price continue to drop?
The price of Ethereum fell from 10% in last weekAnd things could get worse if demand continues to drop. Without strong support from large investors, it is more difficult for ETH to bounce back anytime soon.
Currently, graphics show a downward trend, which means that sellers are still in control. If the price falls below $ 1,500, it could drop even further, possibly $ 1,300 or $ 1,200.
On the other hand, if Eth holds hard and goes up above $ 1,700, there is a chance for a short-term recovery. In this case, the price could increase to $ 1,900, or even $ 2,000 in the coming days.