Ethereum (ETH) is hovering around $2,130, up 1% on Wednesday after facing strong selling pressure over the past week. The leading altcoin dipped from above $2,300 after retail wallet distributions. The selloff also came following soaring inflation and rising US Treasury yields. For Ethereum, the coin could face further selling pressure in the near term amid declining institutional demand. The technical indicators are also bearish at the moment, suggesting further selloff in the near term. Liquidity pressure intensifies amid ETF outflows Ether is up 1% in the last 24 hours as the bulls hold the $2,067 support level. The leading altcoin is down 8% in the last seven days, aligning with the selloff in the broader cryptocurrency market.
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