Ethereum reached a 4-year peak at 4,788$ on August 14, then dropped to 4,260$ , a decline of 10%.
Unstaking activity surged significantly after the rapid rise, leading to congestion in the "exit list".
The waiting time for unstaking jumped from 3 days to 40 days due to the high number of validators wanting to sell at high prices.
Over a million ETH (≈ 3.7 billion $) are in the exit queue, and they are expected to hit the market by August 25.
This could cause strong selling pressure if buyers do not absorb the quantity.
Some analysts believe the market may stabilize as it has previously, and the pressure could turn into an opportunity for a later rise.
Cryptonews
