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How to Sell Ethereum

December 4, 2022

The most recent crypto winter, or the downtrend on the general market of cryptocurrencies, has resulted in a significant decline in the prices of major cryptocurrencies, including Bitcoin and Ethereum. A series of fateful catastrophes has been plaguing the market since the middle of 2022, starting with notable failures of major projects.

Among the first instances that spurred the collapse of market rates was the scandal with Three Arrows Capital. Next came the horrific collapse of the Terra/Luna cryptocurrency ecosystem, which sent ripples of shock and terror across the entire industry. The failure of the algorithmic stablecoin model, followed by the revelation about unsound investments, led to a frantic bank run among holders of the LUNA cryptocurrency. Fearing for the loss of their savings, users tried to withdraw their assets, only to see withdrawals halted by the platform.

Months after the terrible events with the Luna cryptocurrency, the market was already reeling from a crisis of trust only to be shaken by yet another event that undermined the last vestiges of credibility towards it. The collapse and ensuing bankruptcy of the FTX exchange ultimately dragged prices of cryptocurrencies to the bottom. Bitcoin plummeted in price from its fragile level of $20,000 that it had been holding for almost half a year, to under $15,000, dragging the rest of the major coins along with it.

In light of the failing trust of users towards cryptocurrencies, many have been rushing to sell Ethereum along with other coins and altcoins. The converter preferred by many was no longer the centralized exchange, since platforms like FTX had suddenly undermined all trust towards such venues. Ether to USD transactions increased in volume and the market was flooded with a large amount of freely available Ethereum. The law of supply and demand did the rest to shake the price and ETH to USD profitability plummeted again.

In a desperate bid to preserve their savings, users rushed to Bitcoin and wanted to convert Ethereum to it. Others still tried to convert Ethereum to USD in hopes of an upcoming bull run. In any case, the market was filled with excess supply, allowing many “whales” to stock up and increase their portfolios.

In any event, the cryptocurrency exchange remains a risky place and users willing to sell their Ethereum should think twice about whether they would like to exit the market at the given moment. Selling Ethereum is not an issue, as there are also decentralized exchanges that users can refer to in their mission to extract profits from their holdings. All users will need to do in the current market situation is select the most suitable asset storage repository, as exchange wallets have lost much of their credulity. Resorting to non-custodial storage is one of the best ways of preserving assets at the current market level and in the situation of a downtrend.

The price prediction for 2022 regarding Ethereum is not one that can be considered full proof. There are numerous factors that can affect the price of the asset within the last two months. The same exchange that led to the general market collapse can become a reason for its growth, since Binance has announced plans to buy out FTX and expand its empire across the entire decentralized environment.

Regardless of the market situation, users willing to sell Ethereum can do so quickly if they resort to a proven cryptocurrency exchange with a long history of trading and transparent reserves. Users have been clamoring for proof-of-reserves in the industry for long and Ethereum is likely to figure among the assets cryptocurrency exchanges would reveal if they were ever subjected to audits. In the current market situation it is impossible to give sound advice, apart from the obvious fact that non-custodial storage remains the only viable solution in an atmosphere bereft of trust towards centralized custodial storage solutions that have literally robbed users of billions in assets.