ICOs Sales Have Put A Huge Selling Pressure On ETH

ICOs Sales Have Put A Huge Selling Pressure On ETH

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ICOs sales have put a serious amount of selling pressure on the ETH token as the price of the cryptocurrency has been closely tracking that one of Bitcoin and the aggregated crypto market. According to the ethereum today’s news, the downtrend of the cryptocurrency may not have been triggered by the weak price action as the data shows in the text below.

The treasury sale of ETH from ICOs sales could be a major force that has been pressuring down the price of Ethereum as of late and these ICOs still have a huge amount of that cryptocurrency. This means that they are put up a steady selling pressure which will continue for the foreseeable future. At the time of writing, Ethereum was trading just under 1 percent and has a price of $173.70 which remarks a huge drop from the recent high of over $220 which was set in the middle of September. Looking at ETH’s year-to-day highs, it is clear that the price is bearish and the that the altcoin is currently trading below 50 percent from its late-June high of more than $350.

In the recent research report published on Diar, the data shows that Ethereum’s 77 percent drop from the early 2018 highs has coincided closely with the major ICO projects by selling a huge amount of ETH that they raised from the token sales during 2017:

 “Ethereum has dropped 77% in price from the start of last year when ICO treasuries saw massive activity with withdrawals being the highest they ever were this year.’’

The report noted that last November and December were the best periods of ETH sales from the major ICOs which coincided with the bottom of the market as reported by the cryptocurrency news. Although the ICOs sold a huge amount of their ETH holdings, the data shows that they still have nearly half of the Ethereum which was raised from their token sale. If the markets continue to express increased volatility, it is possible that the projects will continue to sell off their ETH treasuries and try to protect their capital which could rapidly deteriorate if the cryptocurrency experiences new changes in the short-term.

The post ICOs Sales Have Put A Huge Selling Pressure on ETH appeared first on DC Forecasts – Leading Digital Currencies.



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ICOs Sales Have Put A Huge Selling Pressure On ETH
ICOs Sales Have Put A Huge Selling Pressure On ETH
ICOs Sales Have Put A Huge Selling Pressure On ETH

ICOs Sales Have Put A Huge Selling Pressure On ETH

ICOs Sales Have Put A Huge Selling Pressure On ETH