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.