Ethereum Price Analysis: Ether’s Price Drops Significantly Thanks to EOS Sell Off 

Ethereum’s price has fallen significantly over the past 24 hours and TrustNodes, a tech site, blames the fall in price on mass Ether sale on Bitfinex. The site blames the sell-off on the upcoming release of the EOS Mainnet.

WhalePanda, a cryptocurrency analyst on Twitter, also suggested that the fall in price was due to the EOS Mainnet launch. Currently, Ether is down by 8.49% trading at $515.

Ethereum’s Value Diminishes Significantly

Earlier in the month, the reports from TrustNodes was that EOS spent over $950 million on Ether within 30 days. The information was gotten from a third party data feed analyst, Santiment. The same platform, TrustNodes, today, reported that about 180,000 ETH had been traded on Bitfinex within the past one hour. This is a significant increase compared to the usual 20,000 ETH per hour trade that is typically recorded on Bitfinex and other top exchanges.

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The reports suggest that EOS is responsible for party trading such a large amount of Ether. They claim that EOS spent $1 million in Ether four days ago and $1.4 million in Ether today.

The Etherscan revealed that some wallets hold a significant amount of Ether. The wallet named EOS-Owner is said to have about 916,000 while the wallet named EOSCrowdsale has about 200,000 Ether. This will give a total of 1.1 million Ether.

Over a 24 hour period, Bitfinex had traded over $238 million in ETH at press time. This is according to the data on coinmarketcap.com. OKEx, on the other hand, traded about $104 million in Ether within 24 hours and Huobi records over $98 million in Ether over the same time frame.

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Some analysts believe that this sell-off is somehow related to the upcoming EOS Mainnet launch. EOS is currently trading at $12 which shows a 4% decline within a 24 hour period.

 

 


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