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Home Altcoins

Could Ethereum’s Sharp Correction Be As a Result of Recent Miners’ Actions?

by Azeez Mustapha
February 29, 2020
in Altcoins, General News, Opinion, Price Analysis
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Ethereum has come under the strong selling pressure that has been plaguing Bitcoin and other large-cap altcoins for the past few days. This widespread downturn has caused several market analysts to take a bearish stance towards this instrument.

It is expected that ETH will witness a more intense bearish pressure very soon as miners are currently dumping their holdings, further giving Ethereum a bearish bias.

The miners’ sell-off is also coming at a time when the crypto’s technical standing is beginning to take a downward outlook. Collectively, these factors could leave Ethereum open to further beatings.

Technically, Ethereum is Bearish

At press time, ETH is trading at $223, a 5% drop from its daily high of $235 which was set yesterday by bull traders who were looking to foster some upward movement.

This rally was short-lived as it was met with intense selling pressure, however, which led to a strong rejection that has substantiated the crypto’s looming downtrend.

In the meantime, further losses across the crypto market is a strong possibility at the moment as Bitcoin is currently consolidating below the key support at $8,700.

According to a popular crypto analyst on Twitter, Escobar, Ethereum might witness a “red pill” event and could drop below the $200 mark.

ETH Miners Enter a Selling Spree

A negative technical outlook isn’t the only thing pulling ETH down. Spencer Noon, the head of crypto investments at DTC Capital, recently tweeted that ETH miners are preparing to offload a huge amount of their previously accumulated holdings, adding that they have offloaded a total of 30,000 ETH since the 9th of February till date.

Without a doubt, Ethereum has come under strong selling pressure both technically and fundamentally and is likely to witness further moves to the downside before it can achieve any upward move.

Tags: CryptocurrencyEthereumworld news
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Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

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