Ethereum Investors Are Ready To Sell ETH As It Hits $3.2K 🔥🚨
Ethereum, the second-largest cryptocurrency by market cap, has once again sparked speculations among crypto market participants. Meanwhile, all eyes are on the crypto amid soaring anticipation over a potential Ether ETF launch soon.
However, ETH has recently reclaimed the $3K level, but on-chain data indicates that it faces significant resistance at $3,200. So, let’s take a closer look at why the $3.2K level poses a significant threat to Ethereum’s price.
Ethereum Holders Ready To Sell ETH
A recent Into The Block data revealed that approximately 2 million addresses that previously traded Ethereum at around the $3,200 price level are currently holding ETH at a loss. This paves the path for potential selloffs as these addresses break even with price gains ahead, adding selling pressure to the asset.
However, a bullish catalyst in the pipeline might prevent this from happening. For context, the approaching launch of an ETH ETF (exchange-traded-product) could serve as a catalyst for a remarkable rising price action in the future. Aligning with this, the commencement of ETF trading could counteract the selling pressure, in turn generating positive momentum in the asset due to money inflow.
However, it’s worth noting that Ethereum has continued to struggle to reach its resistance level of $3,200.
