Ethereum is down 13.06% this month. However, this week the Alt saw the first signs of consolidation as it saw little price change. However, the net outflow observed up to the past three days paints a more worrying picture for Ethereum investors.
Ethereum is flowing out
The week ending December 17 saw its largest inflow of digital assets in a while, at $ 142 million. In fact, this is the first time in over 17 weeks that total net cash flow has been negative.
However, Ethereum in particular stands out this week with its $ 63 million inflow, making things worse for ETH holders.
Throughout the month and through to last week, net inflows maintained a balance between inflows and outflows, capping Ethereum’s inflows to just $ 3.6 million. In fact, the current month’s outflow from Polkdaot (MTD) is higher than that of Ethereum.
But this week’s developments resulted in Ethereum taking the throne from Polkadot by posting a total MTD inflow of $ 68.4 million.
Although Bitcoin lost an additional $ 26 million in cash flow compared to Ethereum, its performance over the past few weeks has helped the king coin keep losses to a minimum.
However, the same does not apply to Ethereum, as more than six million addresses are now seeing losses for the first time since July.
Additionally, due to the potential for further losses, investors are now becoming more cautious, including whales. Its volume topped $ 10 billion on December 14, the highest volume recorded since January 2018, after ETH fell 8.5% the previous day.
However, with the biggest run-out of the year, a recovery can be expected soon.
While 102,000 contracts are urging Ethereum to close above $ 5,000, another 122.6k and 119.5k investors are looking for closings of $ 10,000 and $ 15,000, respectively.
However, even $ 5k doesn’t seem likely at the moment. If ETH ever recovers then $ 5,000 is the closest as it is undeniable to hit $ 10,000 and $ 15,000. Well, even then, ETH will have to rise 23.69% in the next 10 days to hit $ 5000.
So it is safe to say that many investors will continue to suffer losses in the future, even if ETH recovers.