Over the past week, Ethereum [ETH] has noted its third-highest drop in 2022 after the May crash and the January dip. Simply put, it has been falling for the second consecutive month.

This 21.52% depreciation has killed the hopes of investors who were expecting a return to $3k by the end of the month. This, after “conquering” the levels of $2k. Unfortunately for many, that won’t be the case.

From its all-time high to its yearly low, the Fibonacci level placed the critical support of 23.6% at the $2,447 mark. But, as the price kept trickling down towards the base, the next best hope was at $2,000.

Over the last 72 hours, however, the altcoin king fell by almost 20%. In fact, it was trading well below $1,500 at press time.

Ethereum’s price action | Source: TradingView – AMBCrypto

In addition to this, the altcoin might go down further thanks to the increasing bearishness on the price indicators. The Relative Strength Index (RSI) is already in the oversold zone, which usually is a sign of trend reversal. Alas, this time, the crypto may linger in the oversold region for a while longer.

This may be because as per the Squeeze Momentum Indicator, the altcoin is in a squeeze release with the bearishness building on.

This has resulted in the network observing excessive losses to the point where the cryptocurrency has slipped into capitulation. The last time this was triggered was due to the COVID-19 crash that occurred in March 2020. And, that crash was destructive.

Ethereum NUPL | Source: Glassnode – AMBCrypto

Fearing these losses, investors were also quick to sell. And, in a little over a month, exchanges witnessed inflows of one million ETH. This equates to approximately $1.461 billion.

Ethereum selling | Source: Santiment –