The funds quoted in Spot Ethereum continued to eliminate assets as the recession risks of the United States increased and their price crashed.
Sótar The data show that Spot Ethereum (Eth) ETFS show active in the last seven consecutive weeks. They had net exits of $ 82.4 million last week, which brought the cumulative tickets to $ 2.2 billion.
All ETF ETH now have only $ 5.25 billion in assets, with Blackrock Etha and Ethe from Grayscale leading with $ 1.85 billion each. The Mini Fund de Grayscale continues with $ 711 million, while Feth Feth has $ 580 million.
In contrast, Bitcoin Spot ETFs are improving, with their cumulative departures of more than $ 35 billion and total active assets of $ 93 billion.
The ETFs of Ethereum have thrown active due to their performance. The ETH price has decreased by almost 62% from its highest point in November last year to the current $ 1,655.
Unlike Bitcoin (BTC), which increased to a new historical maximum this year, Ethereum has remained significantly lower than its historical maximum of $ 4,872. Worse, $ 1000 invested in Ethereum the same day in 2022 would now be worth $ 745, while a similar amount assigned to Bitcoin would be $ 1,400.
Ethereum has faced several challenges in the past. The most important is that it has faced a substantial competition of layers of layers 1 and layer 2. Part of the most notable competition is from Solana (SUN), Base, tron (TRX) and referee (ARB).
This competition means that Ethereum is no longer the most profitable chain in the cryptographic industry. Data shows That other popular chains and applications such as Uniswap, Jito and Solana have passed it this year.
Technical analysis of Ethereum Price
While the ETH price in terms of USD looks bad, the ETH/BTC is worse. The anterior weekly table shows that the ETH/BTC torque has been in a strong bearish trend, which moves from 0.088 in 2021 to 0.0188 today. It has crashed with the lowest point in five years as Ethereum’s domain has vanished.
The pair remains much lower than all mobile averages, while the average directional index has increased to 44. ADX is a popular indicator used to measure the resistance of a trend.
Therefore, the stop will probably continue to immerse since sellers point to the key support in 0.016, its lowest level in September 2019, in 92% from the current level.