Nearly 7 million ETH are Underwater, Will the Ethereum Price Sustain the Selling Pressure?

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Bear Markets

The post Nearly 7 million ETH are Underwater, Will the Ethereum Price Sustain the Selling Pressure? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Ethereum‘s price is now on the verge of losing a 4-digit figure, as the bears appear to be poised to record a bearish close for the quarter. The ETH price underwent a round top price action to revisit the support at $1045. However, the price now has sliced through this level to confirm the resurgence of the bearish trend.

In addition, nearly 7.06 million ETH are in loss now as they were bought within the price range of $1,108.27 and $1,141.70 at an average price of $1,122.66. Now, when the ETH price is on the verge of slashing below $1000, the possibility of a big dump also emerges. Therefore, a spike in the selling pressure could trigger the 468,000 ETH addresses to start exiting their positions, dragging the price to $700 or lower.

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Source: Intotheblock

On the other hand, more than 500,000 ETH could soon flood the market as a dormant whale may suddenly become active. As per the reports from an analytical platform, the whale with more than 5 addresses, transferred more than 515K ETH recently, which were initially held at Bitfinex.

However, the transfer does not mean that the whale is about to sell these ETH but is sufficient to create a massive FUD in the markets. In such a case, the second-largest token could be compelled to slice through the crucial support and achieve the levels close to $900. In extended bearish conditions, it may also tank below the June lows at $883.

As the quarter is about to end, the bears appear to have capitulated on the markets aiming to slash the prices by another 10% to 12%. When Bitcoin price slashes below $20,000 and is on the verge of dropping below $19,000, Ethereum is also expected to follow. However, with the beginning of Q3 trade, the markets are believed to flip from the bears, uplifting BTC & ETH prices.