- According to VC founder Jed Breed, the recent decline in ETH’s price might soon end.
- He believes that Celsius’ recent activity of selling some of its ETH holdings put downward pressure on its price.
- With the ETH sale now complete, ETH might be due for an uptick.
The recent slump in Ethereum’s (ETH) price could be nearing its end, thanks to a major development in the ongoing Celsius bankruptcy case, Jed Breed, founder of venture capital firm Breed, noted in a series of posts on X (formerly Twitter).
Onchain data shows @CelsiusNetwork has sold $243M of ETH in the past 30 days:https://t.co/GHUR9iWIGcIt seems this is why ETH has struggled to catch a bid in the recent run up.
But why is Celsius doing this? I looked into the recent bankruptcy saga to find out why…
— Jed Breed (@JedBreed) December 20, 2023
On-chain data shows Celsius has sold approximately $243 million worth of ETH over the past month, raising concerns about its impact on the cryptocurrency’s price. However, according to Breed, this selling pressure may be over, potentially paving the way for a significant price rally in the coming months.
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