Ethereum [ETH], the largest altcoin witnessed a major rejection near the $1,420 mark as of 22 September. ETH went down by over 20% in a week despite the Merge hype.
There further remained a risk of a drop below the $1,220 support. Various narratives such as “sell the news” began surfacing soon after the Merge went live.Needless to say, the token was met with magnified selling pressure all across cohorts, but especially from retail sellers.Most of Ethereum’s selling pressure was provided by retail sellers.
Santiment’s latest tweet shed light on this grim scenario in a 22 September tweet. Herein, ETH’s former dominant buyers had substantially lowered their supply held since the Merge event.Source: SantimentThe Ethereum Merge (on 9/15)brought on a shift in large address behavior.
The tweet also stated,“In the past 6 days since the shift to proofofstake, addresses holding 1k to 10k $ETH have dropped 2.24% of their cumulative holdings.Read more on ambcrypto.com