Ethereum dipped below a major support level of $2,000 for the first time since May 19 at 9:15 a.m. UTC on the Bistamp exchange.
Prior to that, Moskovski Capital CIO Lex Moskovski noted that the cryptocurrency had recorded its biggest exchange inflows in 2021, with $445 million worth of ETH being deposited to trading platforms in mere 10 minutes. This, of course, was the harbinger of growing selling pressure.
Ethereum is currently down 54 percent from its all-time high of $4,356 that was reached just 11 days ago.
The largest altcoin is also losing ground against Bitcoin, with the ETH/BTC pair shedding nearly 30 percent since its May 15 peak.
Yet, Ethereum is still up 180 percent in 2021, far outperforming the crypto king.