Ethereum blockchain validators will crash the cryptocurrency by selling $12 billion worth of coins at the current price.
On September 9, the number of validators’ ETH holdings waiting to be unlocked began to increase sharply, reaching an all-time high of 2,67 million on Saturday. This figure then fell slightly, to 15 million as of September 2,61. At the same time, the number of coins that want to be sent to staking, decreased from 787,000 to 597,700 at a price of $2,7 billion. Thus, 4,4 times more digital assets are subject to unfreezing.
Change in the amount of Ethereum waiting to be frozen (red line) and unlocked (blue)
Due to the fact that validators have begun to unfreeze the cryptocurrency en masse, the waiting period for ETH to be unlocked has increased significantly and is now 45 days. Thanks to this, network node operators will not be able to get rid of all digital assets at once. However, it is becoming obvious that the downward pressure on the Ethereum rate will increase, and this will ultimately lead to a dump.
In addition, the ETH market is in an unpleasant situation for bulls. A contracting triangle has formed on the chart because the peak reached on September 13 was lower than the previous one. Therefore, the path to $5,000 for the cryptocurrency price remains closed.
Possible Ethereum Price Fluctuations