Analysts have been discussing the possible causes of the price drop over the past week and the massive token dump from Ethereum miners seems to be at the top of the list. Other causes of the price drop are:
- panic selling
- Buy the Rumor, sell the news
- and the Federal Reserve’s interest rate hike
Why are Ethereum miners selling their coins?
“Many miners waited for positive price action from The Merge, and when it didn’t come, they left the ETH space entirely to free up capital for new ventures,” said Harrison Dell, president of Cadena Lega.
Despite the recent price drop, many analysts are very positive for the long term. When the global market stabilizes and the positive effects of the Merge become visible, Ethereum will be stronger than ever.