Sunday, April 2, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Altcoin News

Ethereum Price Prediction: Why ETH Price Could See Major Selling Ahead?

news by news
December 17, 2022
in Altcoin News, Ethereum Price Analysis, News, Shanghai hardfork
0
Ethereum Price Prediction: Why ETH Price Could See Major Selling Ahead?
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit

Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why

Ethereum

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.

What Happens to ETH With Withdrawals on Ethereum 2.0?

One of the most imminent questions that ETH investors have is how much ETH can be withdrawn on Ethereum 2.0.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.

Courtesy: CryptoQuant

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.

The post Ethereum Price Prediction: Why ETH Price Could See Major Selling Ahead? appeared first on CoinGape.

Related Posts

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit
24/7 Cryptocurrency News

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit

April 1, 2023
Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why
24/7 Cryptocurrency News

Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why

April 1, 2023
Celsius Releases Reorganization Strategy; Finally Some Hope For Retail Customers?
24/7 Cryptocurrency News

Celsius Releases Reorganization Strategy; Finally Some Hope For Retail Customers?

April 1, 2023
Bitcoin Trades Above $28K Despite Fall Of Bittrex U.S.
24/7 Cryptocurrency News

Bitcoin Trades Above $28K Despite Fall Of Bittrex U.S.

April 1, 2023
Breaking: Binance Burns 1.6 Billion Terra Luna Classic Tokens, LUNC Price Jumps 3%
24/7 Cryptocurrency News

Breaking: Binance Burns 1.6 Billion Terra Luna Classic Tokens, LUNC Price Jumps 3%

April 1, 2023
XRP Lawyer States Best And Worst Outcomes In US SEC Vs Ripple Lawsuit
24/7 Cryptocurrency News

XRP Lawyer States Best And Worst Outcomes In US SEC Vs Ripple Lawsuit

April 1, 2023
Next Post
Hal Finney’s Twitter Account Is Active Again, Know More

Hal Finney’s Twitter Account Is Active Again, Know More

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Is Arbitrum’s Rising Transactions A Hint Towards Token Launch?

Is Arbitrum’s Rising Transactions A Hint Towards Token Launch?

February 20, 2023
Goobers NFT Project In Trouble As Founder Gambles Away Investors’ Funds

Goobers NFT Project In Trouble As Founder Gambles Away Investors’ Funds

January 4, 2023
Biggest Crypto Staker Lido Expresses Concerns for DeFi Post SEC’s Kraken Crackdown

Biggest Crypto Staker Lido Expresses Concerns for DeFi Post SEC’s Kraken Crackdown

February 13, 2023
Chainlink Price News: Next LINK Rally To Break 10 Month Record?

Chainlink Price News: Next LINK Rally To Break 10 Month Record?

February 23, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In