Ethereum is following bitcoin in the major market crash with the price of ETH falling down from over $200 to around $100. The price fall has led to a panic selling of ETH mostly by Initial Coin Offerings which accepted Ethereum in exchange for their tokens. According to market research, a large number of ICO’s still hold a massive amount of ETH which is yet to be sold. Market Analysts predict that the ETH selloff by these ICO’s could start anytime soon which may lead the price of Ethereum to a whopping low of around $50 to $60.
Just a few minutes back (from the time of publication), 17723 ETH have been transferred from any unknown Ethereum Wallet to Okex Exchange probably for selling. As more and more people are turning up to sell their ETH holdings, the price of $50 per ETH may not be far away. Here are the transaction details of the transfer which was made with a transaction fee of $0.06:
The cryptocurrency market analysts are predicting a bear market trend for a few months. As a result, a situation of major panic has been created amongst cryptocurrency investors encouraging them to sell their holdings before the situation gets even worse. What’s ahead for Ethereum? Tell us your views in the comments section below.