EOS sell off Blamed for the Ethereum’s Price Drop

Ethereum’s price had significantly fallen in the previous day within 24 hours which made quaked cryptomarket. TrustNodes, a tech site had blamed EOS for the drop as mass ETH had sell on Bitfinex for the upcoming release of the EOS mainnet. WhalePanda the crypto analysts twitted that the mainnet launch as the reason for the ETH drop. Ether was down by 8.49% traded at $515.

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Reasons for the price drop of Ethereum 

According to the report over the previous month about $950 million was spent by EOS within thirty days. And on 28th May it was 180,000 ETH was traded on Bitfinex within one hour. The Etherscan had shown that some of the EOS wallet named EOSCrowdsale and EOS-Owner have more Ether coins that is 200,000 and 916,000 respectively and it is totally about 1.1 million. OKEx had traded about $104 million and Huboi record say that over $98 million had traded within 24 hours. Some analysts opinioned that this sell off somehow related to the mainnet launch and it had badly affected ETH.

Ethereum Price Analysis

The ETH price had dropped up to 56 USD on last day. Then it began to move up wards. The last week market had close with the rate of 604.54 US per one ETH. But from the next day onwards the coin began to decline. And then it had dropped to below $550. Ethereum price, on the other hand, is trading above $560 and is up 10.37% on the day. At the time of writing the coin is trading with the price of $572.83 that is 8.99% hike again compared to the last day, with the market cap $57,116,628,369 and the volume of $2,393,830,000.

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