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Ethereum outflows have surged to their highest levels since 2022. However, ETH price must reclaim the key weekly EMA level to confirm a potential bottom.
Ethereum’s native token, Ether (ETH), witnessed its lowest weekly close since November 2023, highlighting just how much the top altcoin has struggled over the past few months.
Ethereum 1-day chart. Source: Cointelegraph/TradingView
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In the past 83 days, it declined by 51%, translating to an average daily loss of approximately 0.61%. If the losses are compounded daily, the rate increases to about 0.84%.