The second largest cryptocurrency, Ethereum ($ETH ), continues its rapid decline. Over the past day, the asset has lost about 5.5%, dropping to $2,165. Analysts at The Block note that a drop below $2,000 could happen very soon — for the first time since May of last year.
In addition to the overall market pressure, internal factors are putting pressure on Ethereum. Suspicious movements of large volumes of ETH to Tornado Cash have been recorded after the attack on Aperture Finance (losses estimated at $1.25 million). Large funds, including those associated with Multicoin Capital, are actively exchanging ETH for new tokens (for example, $HYPE ), which creates additional selling pressure. The $2,000 level is now the main psychological barrier for the 'bulls'. Will they have the strength to hold it?
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