- The U.S. government joins institutional investors in selling ETH ($2,942.26) in large quantities, adding downward pressure to the price.
- Retailers also join the wave, but this ETH faces the possibility of a steeper market loss.
Ethereum [ETH]investors are beginning to face the bearish wave of the market as massive sell-offs are recorded across the board.
In the last 24 hours alone, the asset has dropped 5.75%, with the possibility of falling even lower.
AMBCrypto’s analysis reveals that a historical trend supporting an ETH bounce back after a sell-off no longer exists. If market participants across the board continue to sell, losses will intensify.
U.S. government sells massively, ETH defies past catalysts
In the past 24 hours, the U.S. government has sold a massive amount of ETH in the market—884.33 ETH worth $1.77 million at the time of the trade.
A notable sell-off from large investors like the U.S. government, which holds 59,965 ETH in its balance, typically indicates a lack of confidence in the asset and tends to negatively influence the broader market.
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