Ethereum Selling Pressure To Drop, CryptoQuant Says

It’s been just revealed that Ethereum selling pressure is about to drop. Check out the latest reports about this below.

According to the latest reports, it’s been just revealed the fact that ETH selling pressure is about to drop according to the latest reports that have been revealed via the online pubcalition the Daily Hodl.

According to the latest reports, it seems that the on-chain analytics platform CryptoQuant is optimistic that Ethereum (ETH) will not come under severe selling pressure as feared following the Shanghai upgrade scheduled for next week.

“CryptoQuant says that the Shanghai upgrade, which is expected to allow the unstaking of Ethereum on April 12th, is unlikely to trigger above-normal selling pressure.”

The online publication the Daily Hodl noted the fact that according to CryptoQuant, the selling pressure is likely to be lower than feared due to the fact that most of the staked Ethereum is below the price it was bought at.

“There is an ongoing fear that the activation of withdrawals on April 12th with the Shanghai upgrade would bring more than usual selling pressure.

However, our profit and loss analysis shows otherwise.

With the current ETH prices, more than half of the staked ETH (9.7 million out of 17.9 million) is currently at a loss.

For the sole reason that the significant staked ETH is currently at a loss, we believe that the selling pressure will be lower than expected.”

Pseudonymous crypto analyst Inmortal said recently that Ethereum could shoot up by more than 170% from its current value of $1,901, hitting a new all-time high.

However, he is warning that there may first come a dip after Ethereum crosses the $2,000 level. He also made sure to explain a similar pattern formed in 2019 when ETH dipped after rallying to the $400 level.

“My only fear with ETH.”

Another altcoin on the trader’s radar is the decentralized oracle network Chainlink (LINK). He says LINK is in a consolidation phase around the mid-$7 range and will soon likely break to the upside.

“One day, LINK marines will wake up again.”