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CryptoQuant analysts noted factors that indicate the upcoming sale of the Ethereum (ETH) cryptocurrency.
CryptoQuant's analysts foresee serious problems for Ether prices in the near future. Negative fundamental factors can lead to the sale of the second largest cryptocurrency after Bitcoin.
The first catalyst for the sale is a sharp influx of funds into the ETH 2.0 deposit contract. In this contract, ETH coins remain frozen until the next major update, Shanghai. The amount held in the contract has reached 12% of the total Ether supply. The update is expected to be launched in March 2023. Shanghai will allow you to withdraw the coins stuck in the contract.
Analysts consider a decrease in the balance of ETH on centralized exchanges to be the second possible indication.
The prospects for Ethereum remain ambiguous. On the one hand, the cryptocurrency market peaked in 2021 and has not shown clearly positive dynamics since then. The US Federal Reserve continues to raise rates and show a hawkish position. This has a negative impact on the crypto market. At the same time, the Merge update and changes in tokenomics, according to some, will help Ether surpass the crypto market and bypass Bitcoin in the list of leaders as soon as macroeconomic conditions improve and the panic around FTX dissipates.
