Ethereum can be subjected to harsh sell pressure this week, here’s why

ambcrypto.com:

The ghost of 2022’s crypto contagion is yet to be exorcised. A wave of ETH sell pressure might be on the way courtesy of distraught crypto firm Voyager.

Realistic or not, here’s  Ethereum’s market cap in BTC’s terms

Crypto research company Arkham recently confirmed that voyager has commenced the process of liquidating its digital assets.

The company filed for bankruptcy after a series of unfortunate market events that led to heavy losses. Initial data reveal that Voyager has slightly over 100,000 ETH in its addresses which will be liquidated to pay creditors.

They are currently sending 7-8 figures of crypto to Wintermute and Coinbase addresses daily.

They have over 100K ETH remaining to sell off – that's over $150M!

Arkham will be dropping a deep-dive at 12:00 EST. pic.twitter.com/XhACb5wlxa

— Arkham (@ArkhamIntel) March 9, 2023

The amount of ETH to be liquidated is worth over $150 million. The report further revealed that the funds will be sent to Coinbase and Wintermute addresses.

Those liquidations may translate to a large amount of sell pressure within the next few days. Such an outcome might trigger a deeper bearish move below $1,500.

ETH bears have so far pushed the price down by roughly 12% from its February highs to its $1,527 press time price. However, the Voyager liquidations are not the only bearish concerns for bullish traders.

Source: TradingView

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