Top Reasons Why Ethereum Could Drop To $2,100 This Week!
The post Top Reasons Why Ethereum Could Drop To $2,100 This Week! appeared first on Coinpedia Fintech News
Amid the broader volatility, the Ethereum price suffers a surge in supply pressure as the Bitcoin price hangs near $55K. With the crypto market witnessing the third recovery day, Ethereum prepares for a bullish recovery.
However, the fundamentals and on-chain movement are signaling crucial crossroads. Will Ethereum survive the increasing supply to avoid a drop to $2100? Let’s find out.
Top Reasons Why Ethereum Can FallIn support of the ongoing correction phase, the Ethereum spot ETFs maintained a net outflow last week, accounting for $91.04 million. Topping the charts of most outflows, the Grayscale ETF, ETHE, had a net outflow of $111 million.
A multiple-signature wallet linked to Vitalik Buterin has recently sold a massive amount of ETH tokens. The wallet received 3,800 Ethereum tokens worth almost $10 million from Vitalik on August 9th, 1938.
The multi-signature wallet that got $ETH from @VitalikButerin is on a selling streak!
After receiving 3,800 $ETH ($9.99M) from Vitalik on Aug 9 and 30, it’s been cashing out, selling 760 $ETH for 1.835M $USDC at ~$2,414 per ETH. The latest sale happened just 21 hours ago.… pic.twitter.com/ELcjpPSg4K
Following the handout, the wallet recently cashed out 760 Ethereum tokens in exchange for 1.835 million USDC tokens. The trade occurred at an average price of $2,414 per Ethereum token.
