Eth Down On Selling Pressure

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Eth Down On Selling Pressure

Ethereum (Eth) Down By 9% On Selling Pressure

fresh wave of selling was seen by the Ethereum (ETH) ETF traders and whales alike. This led to a 9% decline in Ethereum (ETH), which is a big movement even in the crypto market.

The selling pressure was so intense that some even accused the ETH co-founder that he doesn't believe in the ETH as a SoV (store of value).

$13.2 Million Outflows Recorded In Eth

On Monday, outflows worth $13.2 million were seen in the ETH ETFs, based on the data from Farside Investors. As a result, the Ethereum (ETH) ended up closing its 8th day with big outflows.

Another concerning issue is that no inflows were recorded in the Ethereum (ETH) ETFs. If we look at particular ETFS, Grayscale saw outflows of $9.5 million while Fidelity recorded a record $2.7 million outflows.

similar trend is seen among traders as several big whales also dumped their holdings of ETH in a span of a few hours. Overall, things aren't looking good for ETH, and it also has the potential to spiral into other altcoins.

For now, ETH is trading near $2460 on Tuesday with a change of -9% so far. In the previous 24 hours, the total liquidation of the coin reached $100 million.

Also, ETH has just declined below an important trendline, which means the altcoin is not headed toward the nearest support at $2300, followed by the next one at $2000. Similar declines were seen in the ETH from August to November 2022, but the altcoin staged strong rallies.

The RSI indicator also confirms that the bearish momentum is now dominant in the Ethereum (ETH). At the same time, the Stoch indicator also shows that bearish momentum is strong, with a reading of 22. However, a dip below 20 will also signal a buying opportunity in the Ethereum (ETH).

If we keep this negative news aside for a moment, the bigger picture is still favorable for ETH as we are entering into the era of low rates.

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