Ethereum is down 8% on Thursday as Grayscale's Ethereum Trust outflows, combined with the general stock market decline, weighed down its price.
Ethereum ETF s saw $133.16 million in net outflows after the end of Wednesday's second day of trading. Ethereum Foundation is rumored to have moved 92,000 ETH in the past few hours. Grayscale's ETHE strong outflows could push Ethereum to test the support level of around $2,800. Ethereum is down 8% on Thursday as Grayscale's Ethereum Trust outflows, combined with the general stock market decline, weighed down its price.
ETH has dropped by 11% since reaching a high of $3,562 on Sunday. A similar 15% drop will see ETH approach the $3,000 psychological level. It's important to note that intense outflows from Grayscale's GBTC largely triggered BTC's post-ETF price decline. However, BTC quickly recovered and surged by 92% within two months after GBTCoutflows diminished.
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