dailyhodl.com
According to quantitative analytics firm CryptoQuant, Ethereum (ETH) may be on the verge of another major selloff due to multiple factors in the chain.
The company says that the Shanghai Hard Fork, which is expected to be completed in March of next year and will lead to the release of at least 15.3 million ETH, could represent the main price of smart contract platforms.
CryptoQuant also says that as the staked ETH increases, the Ethereum crypto exchange reserves decrease.
“ETH Wholesale Event Coming? ETH2 deposit [smart contract] has accumulated and owns 12% of the total supply. As the exchange reserve of ETH drops to 15% of the total supply and continues to decrease, what will happen to ETH after the Shanghai Hard Fork?
Combining Ethereum with a staking consensus mechanism offered investors the opportunity to earn income in the form of ETH through staking. CryptoQuant says the mass release early next year will unlock approximately 15 million ETH, worth more than $17.7 billion. CryptoQuant says investors can sell their Ethereum to pursue more profitable opportunities.
"After the merger, supply started to decrease; 0.1M. Supply and demand dynamics will change after the fork. ETH price volatility is immediate. Will Shanghai launch a massive sale? Or is it an option that provides more liquidity to buy more ETH?
Ethereum is currently trading at $1,182, down 75% from its all-time high.
Source : dailyhodl.com
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