Ethereum is facing price pressure, dipping below $2,000 to $1,948.93, with $370 million in outflows from Ethereum ETFs over 12 days. However, proposals for staking in ETFs could yield 3-5% annually, potentially boosting interest. ETH supply on exchanges hit a 10-year low of 8.97 million, hinting at a possible supply squeeze, though network fees are at a low $605,000 weekly. Scaling solution MegaETH launched a testnet with 20,000 TPS, aiming for 100,000, while the Pectra upgrade progresses with the new Hoodi testnet. On the downside, a $8.85 million hack hit the Zoth protocol, marking its second breach this month. Overall, Ethereum shows a mix of bearish trends and promising developments.
