Is Ethereum Price About to Drop After Institutional Selling Pressure?
Ethereum has followed Bitcoin in its recent positive move as it approached the $2,700 level, with the coin recording a 1.1% increase in the last 24 hours.
However, this positivity in the coinâs price performance may soon disappear, as Lookonchain data indicates that prominent institutions such as Cumberland and ParaFiCapital have sent large amounts of Ethereum to cryptocurrency exchanges, which may put pressure on the price of the digital currency ETH.
Cumberland sent about 11,800 ETH worth about $32 million to the Coinbase exchange, while ParaFiCapital transferred 5,134 ETH, equivalent to $14 million, to Coinbase Prime.
Historically, the price of Ethereum has seen significant declines after similar moves by major investors, raising concerns about the possibility of a price correction in the Ethereum cryptocurrency price soon.
