Time Ethereum’s price has been struggling to cross the $ 4000 mark, other estimates show that Ethereum, despite being the second largest cryptocurrency, should be priced lower.
But the concern here is that ETH investors have panicked at the slightest fluctuations, which is becoming a growing case of concern for the entire market.
The outrageous fear of Ethereum investors
Amid an uncertain market, when investors are already scared, the statement by JPMorgan crypto expert Nikolaos Panigirtzoglou only stoked the fire. He recently said in an interview,
“We looked at the hashrate and the number of unique addresses to try to understand the value of Ethereum. We are struggling to exceed $ 1,500 “
He also added that the current price is expressing an exponential increase in usage and traffic that may not materialize. For most parts, this matches the realized price observed at the chain, which stood at $ 1,410 at press time.
However, even though there hasn’t been a severe price drop, the market has been reacting to smaller price changes. On September 13, when Ethereum fell less than 4%, almost 84,000 ETH was sold on exchanges.
Similarly, on September 17, when the market fell almost 5%, 49,000 ETH was sold once again. As a result of this panic selling, currency outflows hit a 19-month low yesterday.
Now, while this sale came from medium and short-term holders, different cohorts of long-term holders also moved their currencies.
Can this sale be stopped?
It can only be stopped if investors decide to do so. The JP Morgan expert stated that Ethereum’s dApps creation ability is not unique. It can be replicated by others like Binance Smart Chain (BSC), Solana, and Cardano.
However, according to Skale Labs CEO Jack O’Holleran, Ethereum will continue to be the main chain of dApps. This was due to the fact that most developers have been building on Ethereum for a long time.
Statements of this nature induce optimism that can also be seen in market orders. At the time of this report, buy orders exceeded sell orders by more than 31,000 ETH.
Price-wise, if volatility remains as low as it is today, ETH could see better price action in the future. Until then, investors shouldn’t react to minor changes in price action and instead focus on maintaining blockchain dominance.
This is a machine translation of our English version.