Current macroeconomic conditions, including the increased likelihood of a recession in the U.S. in the U.S. is putting pressure on riskier markets, including cryptocurrencies. cryptocurrencies. In addition, liquidations of large ETH-backed loans in the DeFi ecosystem, are adding to selling pressure. Massive liquidations of long positions are also contributing to the downtrend. Ethereum recorded its lowest weekly closes since November 2023, which underscores the challenges facing the leading altcoin in the recent months. Over the past 83 days, the asset is down 51%, which corresponds to an average daily loss of around 0.61%. However, according to some analyst data, in the last week, ETH outflows from exchanges amounted to $1.8 billion, which is the highest weekly outflow since December 2022. This may indicate that some holders see current levels as a strategic buying opportunity.