Ca prețul Ethereum (ETH) continues to plummet amid the de urs trend that has ensnared the entire piata de criptare, the token is witnessing increased selling pressure demonstrated by its heavy inflow into cripto-schimburi.
Indeed, around 333,000 Ethereum has been deposited in wallets of known crypto exchanges over the past two weeks, according to a Santiment diagramă comun by technical and on-chain analyst Ali Martinez on May 9.
Taking into account the price of Ethereum at the time of the tweet, Martinez said that the amount which dropped on the exchanges was worth $825 million. As the price continues to fall in the meantime, the value is now closer to $800 million.
What the ETH inflow means
The chart clearly shows the price of Ethereum and its supply on exchanges moving in opposite directions. This is typical behavior for an asset, consistent with changes in the market sentiment.
Traditionally, an increase in inflows to exchanges suggests increased selling pressure, decreased demand as more participants seek to sell rather than buy, and an increase in the asset’s availability for purchase – which altogether contributes to knocking down its price.
Analiza prețurilor Ethereum
Indeed, the price of Ethereum at press time stood at $2,427, marking a 4.75% drop on the day and a 13.13% decrease compared to its price seven days before, according to CoinMarketCap data.
On the other hand, a panel of crypto experts is urcarea on Ethereum at least when it comes to the asset’s longer-term outlook, as it awaits its Îmbina update that will mark the network’s official transition to the Proof-of-Stake (PoS) mecanism de consens.
Specifically, the specialists predicted that the DEFI token would reach a top of $6,872 on average in 2022, about $2,000 more than its previous all-time high of $4,900, before scade la 5,783 USD pana la sfarsitul anului.
Whether Ethereum will manage to meet those optimistic expectations, remains to be seen.
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Source: https://finbold.com/over-800-million-worth-of-ethereum-flows-into-exchanges-as-selling-pressure-mounts/