{"id":28877,"date":"2022-06-02T04:27:41","date_gmt":"2022-06-02T08:27:41","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=28877"},"modified":"2022-06-02T04:31:38","modified_gmt":"2022-06-02T08:31:38","slug":"sell-off-pressure-intensifies-as-ethereum-eth-plummets-6","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sell-off-pressure-intensifies-as-ethereum-eth-plummets-6\/","title":{"rendered":"Sell-Off Pressure Intensifies As Ethereum (ETH) Plummets 6%"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\">Ethereum (ETH), the world's second-largest cryptocurrency, has dropped 6% today to move around $1800 levels thereby intensifying the pressure for a sell-off. <\/h5>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"635\" height=\"518\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/ethereum-sell-off.jpg\" alt=\"Sell-Off Pressure Intensifies As Ethereum (ETH) Plummets 6%\" class=\"wp-image-28882\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/ethereum-sell-off.jpg 635w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/ethereum-sell-off-300x245.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/ethereum-sell-off-150x122.jpg 150w\" sizes=\"(max-width: 635px) 100vw, 635px\" \/><\/figure>\n\n\n\n<p>This demonstrates that <a href=\"https:\/\/coinscreed.com\/staging\/cryptocurrency-executives-believe-bear-market-is-good-for-industry.html\" target=\"_blank\" rel=\"noreferrer noopener\">bears remain in control<\/a>, and the early week's momentum was nothing more than a bear market rally. With a huge volume of ETH migrating to exchanges, the sell-off in Ethereum and the larger crypto could accelerate much more. According to Santiment, an on-chain data provider:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>$2.21B worth of&nbsp;#Ethereum&nbsp;has moved back to exchanges over the past week after a long-term exodus of coins moving off of exchanges, dating back to August of 2020. This is the most sustained upswing in&nbsp;$ETH&nbsp;being moved back to exchanges since May, 2021.<\/em><\/p><\/blockquote>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"664\" height=\"412\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/eth-ratio-1.jpg\" alt=\"Sell-Off Pressure Intensifies As Ethereum (ETH) Plummets 6%\" class=\"wp-image-28881\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/eth-ratio-1.jpg 664w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/eth-ratio-1-300x186.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/eth-ratio-1-150x93.jpg 150w\" sizes=\"(max-width: 664px) 100vw, 664px\" \/><\/figure>\n\n\n\n<p>Ethereum (ETH) has undergone a massive correction, along with the broader crypto market, after a strong performance last year. The Ethereum price has dropped by 50% since the beginning of the year. Furthermore, ETH's crypto market dominance has been dropping, falling from over 20% last year to under 18% presently.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-institutional-investors-lose-hope-in-eth-abandon-it-in-favor-of-other-altcoins\"><strong>Institutional investors lose hope in ETH, abandon it in favor of other altcoins<\/strong><\/h3>\n\n\n\n<p>Coinshares<a href=\"https:\/\/coinshares.com\/research\/digital-asset-survey\" target=\"_blank\" rel=\"noreferrer noopener\"> reported earlier this week<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> that Institutional investors are losing confidence in Ethereum. After last week's heavy market crash, Institutional investors did some bottom fishing, however, they decided to expand their allocation to other altcoins at the expense of Ethereum. The CoinShares report stated:<\/p>\n\n\n\n<p><em>\u201cThe recent collapse of stable coin UST has seen investors favoring Bitcoin where 39% of respondents now say it has the most compelling growth outlook. Investors have increased weighting on digital assets from 0.5% to 1% as they look to add to positions during the price weakness. The survey highlights increasing allocation to DOT, ADA and XRP at the expense of Ethereum\u201d.<\/em><\/p>\n\n\n\n<p>Despite the continued price erosion of ETH, developers have been preparing to implement The Merge upgrade to the Ropsten testnet next week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum (ETH), the world&#8217;s second-largest cryptocurrency, has dropped 6% today to move around $1800 levels thereby intensifying the pressure for a sell-off. This demonstrates that bears remain in control, and the early week&#8217;s momentum was nothing more than a bear market rally. With a huge volume of ETH migrating to exchanges, the sell-off in Ethereum [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":28882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[],"class_list":["post-28877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/ethereum-sell-off.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=28877"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/28882"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=28877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=28877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=28877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}