Why ETH Price Could See Major Selling Ahead?

Amid the crypto broader market correction, the world’s second-largest digital asset Ethereum (ETH) is already down 7.5% trading under $1,200. The recent price crash has eroded all of last week’s gains for ETH.

Now, the cryptocurrency faces the risk of further downfall going ahead. Since the Beacon chain upgrades last year, ETH investors have been staking their coins with Ethereum 2.0. Now, the newly upgrade Ethereum 2.0 blockchain holds 12% of the total supply.

On the other hand, the ETH exchange reserves have dropped down to 15% of the total supply and continue to decline further. However, ETH faces a potential threat to its price as the Shanghai hardfork approaches closer, scheduled for March 2023.

This hardfork will make it possible for investors to withdraw the staked Ether with the network validators. On-chain data provider CryptoQuant explains a scenario that could lead to a mass selling in the price of Ether.

One of the most imminent questions that ETH investors have is how much ETH can be withdrawn on Ethereum 2.0. Nearly 12% of the total supply or 15 million ETH coins currently reside on Ethereum 2.0. Data provider CryptoQuant explains:

“From a short-term perspective, there are higher APY strategies than staking rewards by depositing ETH2 that might not be promised to withdraw”.

Also, let’s have a look at the change in the balances of Ethereum 2.0. Compared to the last year 2021, the total number of depositors with ETH2 has jumped by 57% this year. However, the total deposit balance has remained the same. This shows that the total balance per deposit has ultimately jumped by 133% in 2022.

Commenting on the ETH exchange reserves, CryptoQuant explains: “It may be that the balance of $ETH2 increases as the $ETH exchange reserve decreases. 18M of $ETH are held on the exchange, 15% of the total supply. However, the exchange reserve is an ongoing downtrend”.

As the supply dynamics shift after the Shanghai hardfork, ETH price volatility will be imminent.

Ethereum Price Prediction: drop by -2.24% ($ 1,222)

According to our current Ethereum price prediction, the value of Ethereum is predicted to drop by -2.24% and reach $ 1,222.17 by December 17, 2022. According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 27 (Fear). Ethereum recorded 15/30 (50%) green days with 3.68% price volatility over the last 30 days. Based on our Ethereum forecast, it’s now a bad time to buy Ethereum.

Eth Deposit Contract Hits ATH; Will ETH Price Cross $15k?

Ethereum’s price continues to rise in the last few days, global crypto market cap is $855.36B, a 0.14% increase over the last day.

Ethereum (ETH) locked in the Ethereum 2 (ETH 2.0) smart contract has reached a new all-time high. Amid Ethereum’s price continues to rise in the last few days, currently, the global crypto market cap is $855.36B, a 0.14% increase over the last day.

Ethereum, the largest smart contracts blockchain platform in the world today, launched as a PoW network, and like Bitcoin (BTC), relies on mining for transaction processing and network security. The total crypto market volume over the last 24 hours is $37.19B, which makes an 11.22% decrease. The total volume in DeFi is currently $2.72B, 7.30% of the total crypto market 24-hour volume. The volume of all stablecoins is now $34.34B, which is 92.33% of the total crypto market 24-hour volume.

As per the glassnode report, the total value in the ETH 2.0 Deposit Contract just reached an ATH of 15,512,583 ETH. Ethereum, the world’s largest smart contracts blockchain platform today, began as a PoW network and, like Bitcoin (BTC), is dependent on mining for transaction processing and network security. Ethereum’s price and performance have been incredible in recent days, as it has crossed a few key obstacles. This move marked a period of convergence for Bitcoin, indicating the underlying strength of ETH buyers.

Currently Ethereum price in USD is $1,273.73 USD, and the 24-hour trading volume is $6,659,123,109 USD. In the last 24 hours, while writing this report the Ethereum price has dropped by 1.37%. As per the coinmarketcap data a live market capitalisation of Ethereum is $155,870,805,408 USD. It has a circulating supply of 122,373,866 ETH coins and no maximum supply. Notably, Ethereum is the world’s largest smart contracts blockchain platform today, Initially it was working on PoW network and, like Bitcoin (BTC), is dependent on mining for transaction processing and network security.

The current Ethereum price in INR is 103,314 INR. The with a 24-hour trading volume of 527,378,983,333 INR. In the last 24 hours, Ethereum has dropped 1.37%. , with a live market cap of 12,642,943,825,794 INR. It has a circulating supply of 122,373,866 ETH coins and no maximum supply.

Following the FTX crisis, the crypto market has been filled with FUD (fear, uncertainty, and doubt). As assets fell further, crypto investors are unsure whether to buy or sell. According to reports, Ethereum fell nearly 39% in a matter of weeks.

In one month, the price of ETH fell from $1,661 to $1081 due to whale accumulations. The price declines were viewed by whales as an opportunity to increase their ETH holdings. Whale accumulations are frequently indicators of a bullish recovery in an asset. However, Ethereum’s price dropped to $1,081 at first.

Now, however, the tables appear to be turning, and Ethereum appears to be gaining bullish momentum, rising towards $1,350. Ethereum is currently trading at $1,273 per coin, with a 24-hour trading volume of$6,659,123,109 USD. The answer relies on ongoing bullish trend and for the period it remains.