{"id":400612,"date":"2019-10-06T21:30:45","date_gmt":"2019-10-06T21:30:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=400612"},"modified":"2019-10-06T15:12:33","modified_gmt":"2019-10-06T15:12:33","slug":"icos-ethereum-sales-may-have-intensified-sell-pressure-on-eth","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/icos-ethereum-sales-may-have-intensified-sell-pressure-on-eth\/","title":{"rendered":"ICO’s Ethereum Sales May Have Intensified Sell Pressure on ETH"},"content":{"rendered":"
Ethereum\u2019s price action has been closely tracking that of Bitcoin and the aggregated crypto markets, but its recent downtrend may not have been simply the result of weak price action, as data suggests that ICOs have been selling a significant amount of their ETH in recent times.<\/p>\n
The treasury sale of ETH from ICOs could be a significant force that has been suppressing Ethereum\u2019s price as of late, and these ICOs still hold a massive amount of the cryptocurrency \u2013 which could mean that the steady stream of selling pressure will continue for the foreseeable future.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down just under 1% at its current price of $173.70, which marks a notable drop from its recent highs of over $220 that were set in mid-September.<\/p>\n While looking towards ETH\u2019s year-to-date highs, it becomes even more clear as to just how bearish its recent price action has been, as it is currently trading down nearly 50% from its late-June highs of nearly $350.<\/p>\n In a recent research report published on Diar<\/a>, data elucidates that Ethereum\u2019s 77% drop from its early-2018 highs has coincided closely with major ICO projects selling a notable amount of the ETH that they raised from token sales during the ICO mania in 2017 and early-2018.<\/p>\n \u201cEthereum has dropped 77% in price from the start of last year when ICO treasuries saw massive activity with withdrawals being the highest they ever were this year,\u201d Diar explained.<\/p><\/blockquote>\n They further noted that last November and December were the largest periods of ETH<\/a> sales from major ICOs, which coincided closely with the bottom of the market.<\/p>\nWill ICOs Continue Putting Pressure on ETH?<\/strong><\/h2>\n