ETH is back where it was in 2022. Not 2021 There's a difference.

People keep sharing the 5 years, same price chart with $2053 for both 2021 and 2026. The 2021 number is just wrong ETH was around $4700 in November 2021 . Today it's $2050 .

That's not stagnation. That's a 56% drawdown from five years ago and an even uglier drop from the August 2025 high of $4950 .

What's actually happening right now

• A whale sold 6532 ETH at an average of $2085, eating a $31 million loss on a position bought at $2691
• ETH ETFs bled $145 million in a single day, with BlackRock's ETHA alone seeing $129.8 million leave
• A wallet tied to the Ethereum Foundation sold another 1000 ETH

$2000 is the psychological line. Below that, $1900-$1950 is the next zone .

The uncomfortable question isn't why is ETH flat.It's why did it round trip an entire all-time high in 14 months.
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