• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Bitneni

  • News
  • Bitcoin
  • Ethereum
  • XRP (Ripple)

Ethereum Miners May be Responsible for the Bearish Price of the ETH Token Over the Last 2 Weeks

Ronald Henderson/September 23, 2022News

FacebookTwitterReddit
ETH

The price of the ETH token has been trending lower and lower against the USD since the week before the Ethereum 2.0 upgrade. Today, information on the ETH chain shows that some miners dumped a huge number of ETH tokens into circulation and this may be responsible for the price decline in the price of Ethereum (ETH).

Miners Dump $20 Million Worth of ETH Into Circulation

Hoarding has always been a common practice among miners in the cryptocurrency industry and the Ethereum network is no exception. A few months before the Ethereum 2.0 upgrade took place, on-chain data showed that Ethereum miners were hoarding over $341 million worth of the ETH tokens. After the migration, some of these miners dumped more than 16,000 ETH tokens into the market.

The 16,000 ETH tokens are equivalent to $20 Million and this dumping has led to market-wide panic selling that has dragged the price of ETH lower and lower over the last few weeks. If the dumping continues, ETH will be at risk of falling below $1,000 in the coming weeks.

Ethereum (ETH) Price Analysis

At the time of writing, the price of the ETH token was $1,313.34. The token was up by 0.80% against the USD. However, the token was well above the $1,500 level just a few days before the Ethereum 2.0 upgrade. In just seven days, ETH is down by 9.73% against the USD. Bitcoin is also trending in the same pattern as ETH.

In the last 24 hours, the token has reached a low of $1,258.71 and a high of $1,353.29. Unfortunately, there is no evidence to support a major bullish reversal anytime soon. Miners on the Ethereum network still have over 245,000 ETH left. If they decide to dump it all into circulation, ETH will suffer a catastrophic bleed that will be difficult to recover from any time soon.

Tags:ETH/ ETH Price/ Ethereum/ Ethereum 2.0/ Ethereum news/ News

FacebookTwitterReddit
Henderson

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Ethereum hashrate

Ethereum Hashrate Reaches All-time High Amid Surge in Mining Ahead of the Protocol Merge

Bitcoin (BTC’s) Price Tumbles, Falling to the $18k Level and Dragging the Altcoin Market Along 

bitneni

LoL Esports : What all 10 LCS teams need to prove for the 2022 Summer Split

Footer

Every Bit of Internet!

  • About Us
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Copyright © 2025

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT