Recent reports indicate that the Chinese Government has begun transferring thousands of Ether (ETH) confiscated from a $4 billion crypto Ponzi scheme. This move has raised concerns among Ethereum investors about a potential large-scale sell-off. The seized Ether from the PlusToken Ponzi scheme, which had been dormant since 2021, was recently moved by the Chinese Government for the first time in three years. The transfer of 2,800 ETH worth $6.5 million to a single wallet in early August sparked fears of a sell-off. Subsequent movements of over 15,700 ETH to various wallets, with some being sent to exchange deposit addresses and presumably sold, have further fueled worries among investors. Additionally, the Ethereum Foundation's recent selling activity and Vitalik Buterin's on-chain transactions have contributed to a bearish sentiment, leading to a 2% price drop in Ethereum. Analysts suggest that breaking below the $2,250 support level could trigger a significant price decline. Read more AI-generated news on: https://app.chaingpt.org/news

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